H.R. 1181 (111th): To direct the Securities and Exchange Commission to establish both a process by which asset-backed instruments can be deemed eligible for NRSRO ratings and an initial list of such eligible asset-backed instruments.

Introduced:
Feb 25, 2009 (111th Congress, 2009–2010)
Status:
Died (Referred to Committee)
Sponsor
Gary Ackerman
Representative for New York's 5th congressional district
Party
Democrat
Text
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Last Updated
Feb 25, 2009
Length
8 pages
Related Bills
H.R. 6482 (110th) was a previous version of this bill.

Referred to Committee
Last Action: Jul 14, 2008

 
Status

This bill was introduced on February 25, 2009, in a previous session of Congress, but was not enacted.

Progress
Introduced Feb 25, 2009
Referred to Committee Feb 25, 2009
 
Summary

No summaries available.

Cosponsors
1 cosponsors (1R) (show)
Committees

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


2/25/2009--Introduced.
Amends the Securities Exchange Act of 1934 to direct the Securities and Exchange Commission (SEC) to revise regulations relating to "asset-backed securities" to define an "NRSRO asset-backed securities" subset, which shall:
(1) be the only asset-backed securities for which a credit rating agency may register and issue ratings as a nationally recognized statistical rating organization (NRSRO); and
(2) be restricted to securities representing interests in pools of assets whose performance can be evaluated based on a documented history of predictable performance of similar assets, and which are contained in structures which also have a documented history of predictable performance.
Requires the revision of such regulations to include a list of the classes of securities approved as NRSRO asset-backed securities.
Prescribes an approval process for NRSRO asset-backed securities classes, including approval standards.
Requires an NRSRO to: (1) review annually all ratings issued and outstanding in obligor categories for which it has registered; (2) formally affirm, upgrade, downgrade, or remove ratings based on such review; and (3) provide the SEC with full access to models, documentation, assumptions and performance data upon request, answer all questions posed by the SEC, and cooperate with any SEC investigation.
Directs the SEC to determine whether ratings are issued with the expectation of meeting aggregate historical loss and default standards for given ratings levels across all categories for which a credit rating agency has registered.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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