Credit Rating Agency Transparency and Disclosure Act
Latest action · Jun 10, 2008 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJun 10, 2008
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Credit Rating Agency Transparency and Disclosure Act - Amends the Securities Exchange Act of 1934 to instruct the Securities and Exchange Commission (SEC) to promulgate rules that: (1) require nationally recognized statistical rating organizations (NRSROs), with respect to their determination of credit ratings for structured securities, to disclose the information they require from originators, issuers, and underwriters regarding the collateral underlying such securities; (2) establish procedures to disseminate information about processes used by such originators, issuers, and underwriters to assess the accuracy and integrity of their data and fraud detection; and (3) require each NRSRO to maintain on a publicly accessible Internet site the historical default rates of all classes of financial products it has rated.
Cosponsors 1
Members who signed on, in the order they did. All signed on Jun 23, 2008.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-DE | Michael N. Castle | Jun 23, 2008 |
Actions 2
Everything that happened, newest first.
- Jun 10, 2008Introduced in House
- Jun 10, 2008Referred to the House Committee on Financial Services.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative procedure
- Commerce
- Credit
- Finance and Financial Sector
- Government Operations and Politics
- Government paperwork
- Independent regulatory commissions
- Information disclosure (Securities law)
- Law
- Loan defaults
- Risk
- Securities and Exchange Commission
- Securities fraud
- Securities industry
- Securities regulation
- Surety and fidelity
Text 1
Each version as it was printed, newest first.
- Jun 10, 2008Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.