Securities Law Updates | New Proposed Legislation
January 4, 2010
House Financial Services Committee Approves Bipartisan Credit Rating Agencies Bill
Accountability and Transparency in Rating Agencies Act
H.R. 3890, 10/28/2009
The U.S. House of Representatives Financial Services Committee has passed H.R. 3890, the Accountability and Transparency in Rating Agencies Act (“Act”), introduced by Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises.
Important features of H.R. 3890 include:
• Stronger than the Administration’s Plan on Rating Agencies. The Act expands on the initial credit rating agency legislation proposed by the Administration in that it:
• Creates Accountability by Imposing Liability. The bill enhances the accountability of Nationally Recognized Statistical Rating Organizations (“NRSROs”) by clarifying the ability…
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