In May 2010 Franken proposed a financial-reform amendment that created a board to select which credit rating agency would evaluate a given security. At the time, any company issuing a security could select the company that evaluated the security. The amendment passed, but the financial industry lobbied to have it removed from the final bill. Negotiations between the Senate and House, whose version of financial reform did not include such a provision, resulted in the amendment's being watered down to require only a series of studies being done on the issue for two years. After the studies, if the Securities and Exchange Commission had not implemented another solution to the conflict-of-interest problem, Franken's solution would go into effect.