3.0.0 6308 2022-02-03T05:19:25Z 2022-02-03T05:19:25Z House H HR 2008-06-19 110 hsba00 Financial Services Committee House Standing Reported by 2008-09-09T19:46:43Z Markup by 2008-07-30T15:10:12Z Referred to 2008-06-19T14:02:35Z H. Rept. 110-835 2008-09-09 Placed on the Union Calendar, Calendar No. 536. Calendars H12410 2 House floor actions U00536 2008-09-09 Reported (Amended) by the Committee on Financial Services. H. Rept. 110-835. Committee H12200 2 House floor actions hsba00 Financial Services Committee 2008-09-09 Reported (Amended) by the Committee on Financial Services. H. Rept. 110-835. Committee 5000 9 Library of Congress hsba00 Financial Services Committee 2008-07-30 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported (Amended) by Voice Vote. Committee 2008-07-30 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2008-06-19 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2008-06-19 Introduced in House IntroReferral Intro-H 9 Library of Congress 2008-06-19 Introduced in House IntroReferral 1000 9 Library of Congress F000339 Rep. Frank, Barney [D-MA-4] BARNEY FRANK D MA 4 N C001037 Rep. Capuano, Michael E. [D-MA-8] MICHAEL CAPUANO D MA E. 8 2008-06-19 True K000008 Rep. Kanjorski, Paul E. [D-PA-11] PAUL KANJORSKI D PA E. 11 2008-06-19 True 2008-08-29T04:00:00Z H.R. 6308, Municipal Bond Fairness Act http://www.cbo.gov/publication/20209 <p>Cost estimate for the bill As ordered reported by the House Committee on Financial Services on July 30, 2008</p> 2008-08-29T04:00:00Z H.R. 6308, Municipal Bond Fairness Act https://www.cbo.gov/publication/20209 Cost estimate for the bill As ordered reported by the House Committee on Financial Services on July 30, 2008 Finance and Financial Sector Administrative procedure Bonds Government Operations and Politics Government securities Independent regulatory commissions Information disclosure (Securities law) Investment guaranty insurance Investors Law Money market funds Performance measurement Risk Securities Securities and Exchange Commission Securities regulation Signs and symbols Finance and Financial Sector 00 2008-06-19 Introduced in House 2008-06-26T21:01:23Z Municipal Bond Fairness Act - Amends the Securities Exchange Act of 1934 to direct the Securities and Exchange Commission (SEC) to require each registered nationally recognized statistical rating organization (NSRO) (credit rating agency) to: (1) establish and maintain credit ratings with respect to securities and money market instruments designed to assess the risk that investors in such instruments may not receive payment in accordance with their terms of issuance; and (2) define clearly any rating symbol and apply it consistently.

Prohibits the SEC from imposing any requirement that prevents an NSRO from establishing ratings that are complementary to such mandatory ratings and that are created to measure a discrete aspect of risk.

Directs the SEC to establish performance measures to determine when to review whether an NSRO has: (1) issued ratings in contravention of this Act; or (2) failed to adhere to its procedures and methodologies for issuing ratings.

Authorizes the Secretary of the Treasury to receive, analyze, and disseminate information, data, and material: (1) about entities that insure or guarantee the payment of principal and interest of any municipal obligation; and (2) from state insurance regulatory authorities and the National Association of Insurance Commissioners.

]]> 17 2008-09-09 Reported to House with amendment(s) 2008-12-05T22:02:45Z Municipal Bond Fairness Act - Title I: Discriminatory Ratings Treatment of State and Municipal Securities - (Sec. 101) Amends the Securities Exchange Act of 1934 to direct the Securities and Exchange Commission (SEC) to require each registered nationally recognized statistical rating organization (NSRO) (credit rating agency) to establish, maintain, and enforce written policies and procedures reasonably designed to: (1) establish and maintain credit ratings with respect to securities and money market instruments designed to assess the risk that investors in such instruments may not receive payment in accordance with their terms of issuance; and (2) define clearly any rating symbol and apply it consistently.

Permits an NSRO to consider the following when assessing the risk that an investor in a security or money market instrument will not receive repayment in accordance with the terms of issuance: (1) additional credit factors that it has documented and disclosed; or (2) credit factors that are unique to municipal securities that are not backed by the issuer's full faith and credit.

Prohibits the SEC from imposing any requirement that prevents an NSRO from establishing ratings that are complementary to mandatory ratings and that are created to measure a discrete aspect of risk.

Directs the SEC to establish performance measures, which may include transition and default rates in discrete asset classes, to consider when deciding whether to initiate a review concerning whether an NSRO has failed to adhere to its procedures and methodologies for issuing ratings.

(Sec. 102) Directs the Comptroller General to study and report to certain congressional committees on the treatment of different classes of bonds (municipal versus corporate) by the NSROs.

Title II: Review of Municipal Bond Insurance Industry - (Sec. 201) Authorizes the Secretary of the Treasury to receive (directly from states and other sources), analyze, and disseminate information: (1) about entities that insure or guarantee the payment of principal and interest of any municipal obligation; and (2) from state insurance regulatory authorities and the National Association of Insurance Commissioners (NAIC).

Requires any submission to the Secretary of non-publicly available data and information to be voluntary. States that such a submission does not constitute a waiver of, or otherwise affect, any privilege or confidentiality protection to which the data or information is otherwise subject.

Authorizes the Secretary to enter into an information-sharing agreement with states, NAIC, or other appropriate sources to provide for the receipt of any data and information such sources have already received or collected, or can efficiently receive or collect.

Requires the Secretary to treat as confidential and privileged data or information obtained from any source that is entitled to confidential treatment under applicable state or federal law or regulations, or under any agreement to which the source is a party.

Prohibits the Secretary from disclosing personally identifiable information received or collected under this Act.

Considers non-publicly available data and information received or collected under this Act as trade secrets and commercial or financial information that is privileged and confidential.

(Sec. 202) Directs the Secretary to report annually to certain congressional committees on: (1) the financial state of the industry for insurance and guarantee of municipal bonds; (2) meaningful trends in such industry; and (3) potential impacts that entities providing such insurance and guarantees could have upon the overall domestic financial system under various scenarios of macro- and micro-economic stress.

(Sec. 203) Prohibits construction of this Act to establish any supervisory or regulatory authority of the Secretary over any entity that insures or guarantees the payment of any portion of the principal and interest of any municipal obligation.

(Sec. 205) Authorizes appropriations.

]]> Municipal Bond Fairness Act Short Titles as Introduced Municipal Bond Fairness Act Short Titles as Reported to House Municipal Bond Fairness Act H House Display Title Municipal Bond Fairness Act Official Title as Introduced To ensure uniform and accurate credit rating of municipal bonds and provide for a review of the municipal bond insurance industry. Reported in House 2008-09-09T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr6308rh/xml/BILLS-110hr6308rh.xml Introduced in House 2008-06-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr6308ih/xml/BILLS-110hr6308ih.xml 2008-09-09 Placed on the Union Calendar, Calendar No. 536. 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.