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In this quote, Elizabeth Warren is criticizing the lack of new regulations on credit rating agencies, which were also culpable in the 2008 financial crisis. She notes that despite their role in improperly approving high-risk financial products that ultimately “crashed the economy,” these agencies “still operate with big conflicts of interest” and the SEC has not implemented any rules to address this.
The quote conveys Warren’s view that credit rating agencies are still susceptible to giving biased ratings due to their flawed business models that create incentives to please the clients paying them. Warren seems to believe more accountability and oversight is needed to prevent such agencies from endangering financial stability in the future through lax standards or prioritizing profits over accurate risk assessments.