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.
Latest action · Jul 8, 2009 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.
- IntroducedJul 8, 2009
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors
Members who signed on, in the order they did.
Actions 2
Everything that happened, newest first.
- Jul 8, 2009Introduced in House
- Jul 8, 2009Referred to the House Committee on Financial Services.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Jul 8, 2009Introduced 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.