[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6512 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 6512

  To amend the Securities Exchange Act of 1934 to require nationally 
   recognized statistical rating organizations to certify that they 
monitor the accuracy of each credit ratings issued by the organization.


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                    IN THE HOUSE OF REPRESENTATIVES

                           September 21, 2012

 Mr. Fitzpatrick introduced the following bill; which was referred to 
                  the Committee on Financial Services

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                                 A BILL


 
  To amend the Securities Exchange Act of 1934 to require nationally 
   recognized statistical rating organizations to certify that they 
monitor the accuracy of each credit ratings issued by the organization.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Credible Ratings Act of 2012''.

SEC. 2. PROCEDURES AND METHODOLOGIES ATTESTATION REQUIREMENT.

    Section 15E(c)(3)(B) of the Securities Exchange Act of 1934 (15 
U.S.C. 78o-7(c)(3)(B)) is amended--
            (1) in clause (ii), by striking ``and'' at the end;
            (2) by redesignating clause (iii) as clause (iv); and
            (3) by inserting after clause (ii) the following:
                            ``(iii) a certification that the nationally 
                        recognized statistical rating organization 
                        monitors credit ratings issued by the 
                        organization, on at least a quarterly basis, to 
                        ensure that they are as accurate as possible 
                        based on the organization's procedures and 
                        methodologies furnished to the Commission 
                        pursuant to subsection (a)(1)(B)(ii), as 
                        applied to the most recently available data; 
                        and''.
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