3.0.0 3128 2023-01-11T13:18:31Z 2023-01-11T13:18:31Z House H HR 2009-07-08 111 hsba00 Financial Services Committee House Standing Referred to 2009-07-08T14:08:41Z 2009-07-08 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2009-07-08 Introduced in House IntroReferral Intro-H 9 Library of Congress 2009-07-08 Introduced in House IntroReferral 1000 9 Library of Congress E000288 Rep. Ellison, Keith [D-MN-5] Keith Ellison D MN 5 N Finance and Financial Sector Accounting and auditing Banking and financial institutions regulation Credit and credit markets Financial services and investments Securities Finance and Financial Sector 00 2009-07-08 Introduced in House 2009-09-30T15:30:20Z Amends the Federal Reserve Act to authorize the Board of Governors of the Federal Reserve System to authorize any federal reserve bank to examine the methodologies used by nationally recognized statistical rating organizations (NRSROs) in analyzing and rating asset backed securities and structured finance products.

Defines asset backed security as: (1) one that is primarily serviced by the cash flows of a discrete pool of receivables or other financial assets (including mortgages), either fixed or revolving, that by their terms convert into cash within a finite time period, plus any rights or other assets designed to assure the servicing or timely distributions of proceeds to the security holders; and (2) any other security as the Board may prescribe.

Defines structured finance product as any product that includes: (1) the pooling of assets (either cash-based or synthetically created); (2) the tranching of liabilities that are backed by such assets; (3) de-linking of the credit risk of such assets from the originator's credit risk (usually through use of a finite-lived, standalone financing vehicle); or (4) such other elements as the Board may prescribe.


]]> To amend the Federal Reserve Act to authorize Federal Reserve Banks to examine the methodologies of used by nationally recognized statistical rating organizations in analyzing and rating asset backed securities and structured finance products. Display Title To amend the Federal Reserve Act to authorize Federal Reserve Banks to examine the methodologies of used by nationally recognized statistical rating organizations in analyzing and rating asset backed securities and structured finance products. Official Title as Introduced To amend the Federal Reserve Act to authorize Federal Reserve Banks to examine the methodologies of used by nationally recognized statistical rating organizations in analyzing and rating asset backed securities and structured finance products. Introduced in House IH Introduced in House 2009-07-08T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr3128ih/xml/BILLS-111hr3128ih.xml 2009-07-08 Referred to the House Committee on Financial Services. 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.