Senate Panel Looks at S&P's Decision

Senate Banking chair Johnson cites rating agency's 'irresponsible move.'

The U.S. Senate Banking Committee is looking into the decision by Standard & Poor’s to downgrade the nation’s credit rating for the first time in history, according a committee aide briefed on the matter.

Senate Banking Committee Chairman Tim Johnson, a South Dakota Democrat, is gathering more information on the Aug. 5 decision, which has been criticized by Treasury Secretary Timothy F. Geithner and other officials in President Barack Obama’s administration, according to the aide, who declined to be identified because he wasn’t authorized to discuss the matter publicly.

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