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On Sept. 22, 2006 the Senate approved by unanimous consent S. 3850, the Credit Rating Agency Reform Act of 2006. The legislation would overhaul the framework for registering and overseeing credit rating agencies. The bill aims to remove the Securities and Exchange Commission (SEC) from the process of approving certain credit rating agencies as “Nationally Recognized Statistical Rating Organizations” (NRSROs). Instead, under the bill, the SEC would register credit rating agencies that meet a new definition, and would oversee the companies through inspections, examinations, and enforcement.
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