Jackson-Lee (TX)

#3

(LATE)  Sense of Congress seeking to ensure that consumer credit agencies receive a similarly high level of scrutiny as the NRSROs addressed in the Act.

Kanjorski (PA)

#1

Amendment in the Nature of a Substitute. Establishes a globally consistent, market-based approach to rating agency oversight and protects investors by maintaining quality as a factor in identifying Nationally Recognized Statistical Rating Organizations (NRSRO).  Requires the SEC to complete its definitional rulemaking on what constitutes an NRSRO within 60 days of enactment and establish public guidelines about the process used to identify new NRSROs within 180 days of enactment. Encourages participating parties to expedite and complete their ongoing discussions over the Voluntary Framework, consistent with the European Commission’s adoption of the International Organization of Securities Commissions self-regulatory model, to improve market discipline and enhance rating quality. Would require annual hearings for five years on rating agencies before the House Financial Services Committee to explore the effectiveness of the prior two reforms and determine the need for further action.

Oxley (OH)

#2

Manager's Amendment. Clarifies that there is no private right of action for rating agencies registered as “Nationally Recognized Statistical Rating Organizations” or “NRSROs” under the Securities Exchange Act of 1934. Allots to the Securities and Exchange Commission (SEC) an additional six months for a total of one year to review and, if necessary, revise its regulations that use the term “NRSRO.” Makes a number of technical amendments clarifying definitions, findings, and disclosure requirements.