3.0.0 2990 2023-01-13T04:47:54Z 2023-01-13T04:47:54Z House H HR 2005-06-20 109 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2006-07-13T16:09:26Z hsba00 Financial Services Committee House Standing Reported by 2006-07-07T16:55:33Z Markup by 2006-06-14T15:54:00Z Referred to 2005-06-20T16:31:30Z H. Rept. 109-546 Credit Rating Agency Reform Act of 2006 109 3850 S 2006-09-29 Became Public Law No: 109-291. Related bill CRS Providing for consideration of the bill (H.R. 2990) to improve ratings quality by fostering competition, transparency, and accountability in the credit rating agency industry. 109 906 HRES 2006-07-12 Motion to reconsider laid on the table Agreed to without objection. 13:12:45 Procedurally-related House 2006-07-13 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2006-07-12 15:22:40 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2006-07-12 15:22:39 On passage Passed by recorded vote: 255 - 166 (Roll no. 368). Floor H37100 2 House floor actions 368 https://clerk.house.gov/evs/2006/roll368.xml House 109 2006-07-12T19:22:39Z 2 2006-07-12 15:22:39 Passed/agreed to in House: On passage Passed by recorded vote: 255 - 166 (Roll no. 368). Floor 8000 9 Library of Congress 368 https://clerk.house.gov/evs/2006/roll368.xml House 109 2006-07-12T19:22:39Z 2 2006-07-12 15:04:18 The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union. Floor H34400 2 House floor actions 2006-07-12 15:04:00 The previous question was ordered pursuant to the rule. (consideration: CR H5094) Floor H35000 2 House floor actions 2006-07-12 15:03:19 The House rose from the Committee of the Whole House on the state of the Union to report H.R. 2990. Floor H32600 2 House floor actions 2006-07-12 14:18:40 DEBATE - Pursuant to the provisions of H. Res. 906, the Committee of the Whole proceeded with 20 minutes of debate on the Kanjorski amendment. Floor H8D000 2 House floor actions 2006-07-12 14:12:08 DEBATE - Pursuant to the provisions of H. Res. 906, the Committee of the Whole proceeded with 10 minutes of debate on the Oxley amendment. Floor H8D000 2 House floor actions 2006-07-12 13:23:52 GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 2990. Floor H8D000 2 House floor actions 2006-07-12 13:23:44 The Speaker designated the Honorable John Boozman to act as Chairman of the Committee. Floor H32400 2 House floor actions 2006-07-12 13:23:43 House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 906 and Rule XVIII. Floor H32020 2 House floor actions 2006-07-12 13:23:36 Rule provides for consideration of H.R. 2990 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. Floor H8D000 2 House floor actions 2006-07-12 13:23:31 Considered under the provisions of rule H. Res. 906. (consideration: CR H5080-5094; text of measure as reported in House: CR H5087-5089) Floor H30000 2 House floor actions 2006-07-12 13:12:34 Rule H. Res. 906 passed House. Floor H1L220 2 House floor actions 2006-07-10 19:03:54 Rules Committee Resolution H. Res. 906 Reported to House. Rule provides for consideration of H.R. 2990 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. Floor H1L210 2 House floor actions 2006-07-07 Placed on the Union Calendar, Calendar No. 306. Calendars H12410 2 House floor actions U00306 2006-07-07 Reported (Amended) by the Committee on Financial Services. H. Rept. 109-546. Committee H12200 2 House floor actions hsba00 Financial Services Committee 2006-07-07 Reported (Amended) by the Committee on Financial Services. H. Rept. 109-546. Committee 5000 9 Library of Congress hsba00 Financial Services Committee 2006-06-29 Mr. Price (GA) asked unanimous consent that the Committee on Financial Services have until 12:00 p.m. on July 7 to file a report on H.R. 2990. Agreed to without objection. Committee H27200 2 House floor actions hsba00 Financial Services Committee 2006-06-14 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported (Amended) by Voice Vote. Committee 2006-06-14 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2005-06-28 Sponsor introductory remarks on measure. (CR H5255) IntroReferral B00100 9 Library of Congress 2005-06-20 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2005-06-20 Introduced in House IntroReferral Intro-H 9 Library of Congress 2005-06-20 Introduced in House IntroReferral 1000 9 Library of Congress F000451 Rep. Fitzpatrick, Michael G. [R-PA-8] Michael Fitzpatrick R PA G. 8 N B000072 Rep. Baker, Richard H. [R-LA-6] RICHARD BAKER R LA H. 6 2005-06-22 False F000447 Rep. Feeney, Tom [R-FL-24] Tom Feeney R FL 24 2005-06-29 False O000163 Rep. Oxley, Michael G. [R-OH-4] MICHAEL OXLEY R OH G. 4 2005-07-19 False A000358 Rep. Akin, W. Todd [R-MO-2] W. AKIN R MO TODD 2 2005-07-26 False G000548 Rep. Garrett, Scott [R-NJ-5] Scott Garrett R NJ 5 2005-07-28 False D000603 Rep. Davis, Geoff [R-KY-4] Geoff Davis R KY 4 2005-09-14 False G000549 Rep. Gerlach, Jim [R-PA-6] Jim Gerlach R PA 6 2005-09-14 False E000187 Rep. English, Phil [R-PA-3] PHIL ENGLISH R PA 3 2005-09-15 False F000238 Rep. Foley, Mark [R-FL-16] MARK FOLEY R FL 16 2005-09-21 False B001239 Rep. Barrett, J. Gresham [R-SC-3] J. Barrett R SC Gresham 3 2005-09-21 False H001033 Rep. Hart, Melissa A. [R-PA-4] MELISSA HART R PA A. 4 2005-09-29 False G000210 Rep. Gillmor, Paul E. [R-OH-5] PAUL GILLMOR R OH E. 5 2005-10-06 False C000243 Rep. Castle, Michael N. [R-DE-At Large] MICHAEL CASTLE R DE N. 0 2005-10-26 False M001156 Rep. McHenry, Patrick T. [R-NC-10] Patrick McHenry R NC 10 2005-12-06 False B000575 Rep. Blunt, Roy [R-MO-7] ROY BLUNT R MO 7 2006-05-24 False 2006-06-29T04:00:00Z H.R. 2990, Credit Rating Agency Duopoly Relief Act of 2006 http://www.cbo.gov/publication/17921 <p>Cost estimate for the bill as ordered reported by the House Committee on Financial Services on June 14, 2006</p> 2006-06-29T04:00:00Z H.R. 2990, Credit Rating Agency Duopoly Relief Act of 2006 https://www.cbo.gov/publication/17921 Cost estimate for the bill as ordered reported by the House Committee on Financial Services on June 14, 2006 Finance and Financial Sector Administrative procedure Administrative remedies Business records Commerce Competition Confidential communications Conflict of interests Congress Congressional investigations Congressional reporting requirements Consumer credit Corporate mergers Crime and Law Enforcement Ex-offenders Government Operations and Politics Government paperwork Independent regulatory commissions Information disclosure (Securities law) Information services Internet Investment advisers Investors Law Licenses Performance measurement Restrictive trade practices Science, Technology, Communications Securities and Exchange Commission Securities fraud Securities regulation State laws Statistics Finance and Financial Sector 00 2005-06-20 Introduced in House 2006-07-14T19:40:57Z Credit Rating Agency Duopoly Relief Act of 2005 - Amends the Securities Exchange Act of 1934 to define a statistical rating organization (SRO) to include an entity: (1) whose primary business, for at least the most recent three consecutive years, has been the issuance of publicly available ratings; and (2) that employs either a quantitative or qualitative model to determine its publicly available ratings.

Prescribes procedural requirements for mandatory SRO registration.

Declares it is unlawful for an SRO to: (1) make use of the mails or any means or instrumentality of interstate commerce in connection with its business as an SRO unless it is in compliance with the registration requirements formulated under this Act; and (2) represent or imply that it has been sponsored, recommended, or approved, or that its abilities or qualifications have in any respect been passed upon, by any federal agency or officer.

Requires each SRO to establish and enforce written policies and procedures to: (1) prevent the misuse in violation of this Act of material, nonpublic information by the SRO or any associated person; and (2) address and manage potential conflicts of interest.

Directs the Securities and Exchange Commission (SEC) to: (1) adopt rules proscribing specific anti-competitive practices common to the SRO industry; and (2) cease to designate entities as nationally recognized SROs.

Declares void and of no force or effect the no-action relief that the SEC has granted with respect to the designation of nationally recognized SROs.

Requires every SRO to maintain such records as the SEC requires.

]]> 17 2006-07-07 Reported to House with amendment(s) 2007-05-09T13:21:11Z Credit Rating Agency Duopoly Relief Act of 2006 - (Sec. 4) Amends the Securities Exchange Act of 1934 to define a credit rating agency as any person: (1) engaged in the business of issuing credit ratings on the Internet or through another readily accessible means, for free or for a reasonable fee; (2) employing either a quantitative or qualitative model, or both, to determine credit ratings; and (3) receiving fees from either issuers, investors, or other market participants, or a combination of them.

Defines a nationally recognized statistical rating organization (NRSRO) as a credit rating agency that has been in business for at least three consecutive years and is registered under this Act.

Prescribes procedural requirements for mandatory NRSRO registration and certification.

Authorizes the Securities and Exchange Commission (SEC) to: (1) take action against any NRSRO that issues credit ratings in contravention of the procedures, criteria, and methodologies it includes in its registration application or makes and disseminates in required reports; and (2) censure, place limitations on the activities, functions, or operations of, suspend for a period not exceeding 12 months, or revoke the registration of any NRSRO for violations of this Act.

Declares it is unlawful for an NRSRO to represent or imply that it has been sponsored, recommended, or approved, or that its abilities or qualifications have in any respect been passed upon, by any federal agency or officer. Makes it unlawful for an unregistered credit rating agency to state that it is an NRSRO.

Requires an NRSRO to establish and enforce written policies and procedures to: (1) prevent the misuse in violation of this Act of material, nonpublic information by the NRSRO or any associated person; and (2) address and manage potential conflicts of interest.

Grants the SEC discretion to adopt rules or regulations to prohibit, or require the management or disclosure of, any conflicts of interest relating to the issuance of credit ratings by an NRSRO.

Authorizes the SEC to adopt rules that prohibit unfair, coercive, or abusive practices relating to the issuance of credit ratings by an NRSRO.

Requires an NRSRO to: (1) designate a compliance officer for ensuring compliance with securities laws and regulations; and (2) file with the SEC certified statements of financial condition.

Requires the SEC, within 30 days of enactment of this Act, to cease designation of persons and companies as NRSROs, as the term is used under current regulations.

Declares void and of no force or effect the no-action relief that the SEC has granted with respect to the designation of certain NRSROs.

(Sec. 5) Includes an NRSRO among the financial entities required to maintain SEC-prescribed records and reports.

(Sec. 6) Instructs the Comptroller General to study and report to certain congressional committees on: (1) factors that have led to the consolidation of credit rating agencies; (2) the resulting impact upon securities markets; (3) the problems, if any, faced by business organizations resulting from limited competition among credit rating agencies; and (4) whether and to what extent federal or state regulations impede such competition.

]]> 36 2006-07-12 Passed House amended 2006-08-30T20:30:01Z Credit Rating Agency Duopoly Relief Act of 2006 - (Sec. 4) Amends the Securities Exchange Act of 1934 (Act) to define a credit rating agency as any person: (1) engaged in the business of issuing credit ratings on the Internet or through another readily accessible means, for free or for a reasonable fee, but excluding a commercial credit reporting company; (2) employing either a quantitative or qualitative model, or both, to determine credit ratings; and (3) receiving fees from either issuers, investors, or other market participants, or a combination of them.

Defines a nationally recognized statistical rating organization (NRSRO) as a credit rating agency that has been in business as a credit rating agency for at least the past three consecutive years and is registered under the Act.

Prescribes procedural requirements for mandatory NRSRO registration and certification.

Authorizes the Securities and Exchange Commission (SEC) to: (1) take action against any NRSRO that issues credit ratings in contravention of the procedures, criteria, and methodologies that it includes in its registration application or makes and disseminates in required reports; and (2) censure, restrict, suspend for a period not exceeding 12 months, or revoke NRSRO registration for violations of this Act.

Declares it is unlawful for an NRSRO to represent or imply that it has been sponsored, recommended, or approved, or that its abilities or qualifications have been passed upon, by any federal agency or officer.

States it is unlawful for an unregistered credit rating agency to declare itself an NRSRO.

Requires an NRSRO to establish and enforce written policies and procedures to: (1) prevent the misuse in violation of this Act of material, nonpublic information by itself or any associated person; and (2) address and manage potential conflicts of interest.

Grants the SEC discretion to adopt rules or regulations to prohibit, or require the management or disclosure of, any conflicts of interest relating to the issuance of credit ratings by an NRSRO.

Authorizes the SEC to adopt rules that prohibit unfair, coercive, or abusive practices relating to the issuance of credit ratings by an NRSRO.

Requires an NRSRO to: (1) designate a compliance officer for ensuring compliance with securities laws and regulations; and (2) furnish to the SEC certified statements of financial condition by an independent public accountant.

Requires the SEC staff, within 30 days of enactment of this Act, to cease designation of persons and companies as NRSRO, as the term is used under current regulations.

Declares void and of no force or effect the no-action relief that the SEC has granted with respect to the designation of certain NRSRO.

(Sec. 5) Includes an NRSRO among the financial entities required to maintain SEC-prescribed records and reports. States that any report an NRSRO may be required by SEC rules to make and disseminate to the SEC shall be deemed furnished to the SEC.

(Sec. 6) Instructs the Comptroller General to study and report to certain congressional committees on: (1) factors that have led to the consolidation of credit rating agencies; (2) the resulting impact upon securities markets; (3) the problems, if any, faced by business organizations resulting from limited competition among credit rating agencies; and (4) whether and to what extent federal or state regulations impede such competition.

]]> Credit Rating Agency Duopoly Relief Act of 2006 Display Title Credit Rating Agency Duopoly Relief Act of 2006 Official Title as Introduced To improve ratings quality by fostering competition, transparency, and accountability in the credit rating agency industry. Introduced in House IH Short Titles as Introduced Credit Rating Agency Duopoly Relief Act of 2005 Short Titles as Reported to House Credit Rating Agency Duopoly Relief Act of 2006 H House Short Titles as Passed House Credit Rating Agency Duopoly Relief Act of 2006 H House 1181 109 HAMDT Amendment in the nature of a substitute sought to replace the language in the bill with the text of the "Credit Ratings Accountability and Transparency Act of 2006". An amendment in the nature of a substitute numbered 2 printed in House Report 109-550 to establish 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); require 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. encourage 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; and 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. 2022-02-03T05:33:55Z 2006-07-12 On agreeing to the Kanjorski amendment (A002) Failed by recorded vote: 198 - 222 (Roll no. 367). 15:03:11 Roll no. 367 https://clerk.house.gov/evs/2006/roll367.xml K000008 Rep. Kanjorski, Paul E. [D-PA-11] PAUL KANJORSKI D PA E. 11 2006-07-12T04:00:00Z House of Representatives 109 HR House H 2990 Credit Rating Agency Duopoly Relief Act of 2006 2023-01-13T04:47:54Z House Report 109-550 https://www.congress.gov/congressional-report/109th-congress/house-report/550 8 2006-07-12 15:03:11 On agreeing to the Kanjorski amendment (A002) Failed by recorded vote: 198 - 222 (Roll no. 367). Floor H32111 2 House floor actions 367 House 109 2006-07-12T19:03:11Z 2 https://clerk.house.gov/evs/2006/roll367.xml 2006-07-12 14:18:10 Amendment (A002) in the nature of a substitute offered by Mr. Kanjorski. (consideration: CR H5090-5094; text: CR H5090-5091) Floor H3A100 2 House floor actions 2006-07-12 14:18:10 House amendment offered/reported by : Amendment (A002) in the nature of a substitute offered by Mr. Kanjorski.(consideration: CR H5090-5094; text: CR H5090-5091) NotUsed 71500 9 Library of Congress 2006-07-12 15:03:11 Amendment failed in Committee of the Whole NotUsed 77000 9 Library of Congress 367 House 109 2006-07-12T19:03:11Z 2 https://clerk.house.gov/evs/2006/roll367.xml 2006-07-12 House amendment offered Floor 71000 9 Library of Congress 2006-07-12 15:03:11 House amendment not agreed to: On agreeing to the Kanjorski amendment (A002) Failed by recorded vote: 198 - 222 (Roll no. 367). Floor 73000 9 Library of Congress 367 House 109 2006-07-12T19:03:11Z 2 https://clerk.house.gov/evs/2006/roll367.xml 2006-07-12 15:03:11 Roll call votes on amendments in House Floor 75000 9 Library of Congress 367 House 109 2006-07-12T19:03:11Z 2 https://clerk.house.gov/evs/2006/roll367.xml 1180 109 HAMDT Manager's amendment consists of the text of the amendment contained in House Report 109-550 and printed on page H5089 in the Congressional Record for July 12, 2006. An amendment numbered 1 printed in House Report 109-550 to clarify 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; allot 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.'; and make a number of technical amendments clarifying definitions, findings, and disclosure requirements. 2022-02-03T05:33:55Z 2006-07-12 On agreeing to the Oxley amendment (A001) Agreed to by voice vote. 14:18:01 O000163 Rep. Oxley, Michael G. [R-OH-4] MICHAEL OXLEY R OH G. 4 2006-07-12T04:00:00Z House of Representatives 109 HR House H 2990 Credit Rating Agency Duopoly Relief Act of 2006 2023-01-13T04:47:54Z House Report 109-550 https://www.congress.gov/congressional-report/109th-congress/house-report/550 7 2006-07-12 14:18:01 On agreeing to the Oxley amendment (A001) Agreed to by voice vote. Floor H32111 2 House floor actions 2006-07-12 14:11:46 Amendment (A001) offered by Mr. Oxley. (consideration: CR H5089-5090; text: CR H5089) Floor H3A100 2 House floor actions 2006-07-12 14:11:46 House amendment offered/reported by : Amendment (A001) offered by Mr. Oxley.(consideration: CR H5089-5090; text: CR H5089) NotUsed 71500 9 Library of Congress 2006-07-12 House amendment offered Floor 71000 9 Library of Congress 2006-07-12 14:18:01 Amendment agreed to Committee of the Whole NotUsed 76000 9 Library of Congress 2006-07-12 14:18:01 House amendment agreed to: On agreeing to the Oxley amendment (A001) Agreed to by voice vote. Floor 72000 9 Library of Congress Referred in Senate 2006-07-13T04:00:00Z Engrossed in House 2006-07-12T04:00:00Z Reported in House 2006-07-07T04:00:00Z Introduced in House 2005-06-20T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr2990ih/xml/BILLS-109hr2990ih.xml 2006-07-13 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.