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H.R. 2990: Credit Rating Agency Duopoly Relief Act of 2006

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H.R. 2990: Credit Rating Agency Duopoly Relief Act of 2006

109th Congress · introduced 2005-06-20 · Finance and Financial Sector · Latest: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2005-06-20 · official record
  2. Who proposed it: Rep. Fitzpatrick, Michael G. [R-PA-8] · what a sponsor is
  3. What happened next: 2 recorded votes in our records. Latest: House roll call 367 (2006): On Agreeing to the Amendment, HR2990 (2006-07-12), Failed. See all
  4. Where it stands now: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Credit Rating Agency Duopoly Relief Act of 2006

Plain summary

Credit Rating Agency Duopoly Relief Act of 2006 - (Sec. 4) Amends the Securities Exchange Act of 1934 to define a credit rating agency as any person: (1) engaged in the business of issuing credit ratings on the Internet or through another readily accessible means, for free or for a reasonable fee; (2) employing either a quantitative or qualitative model, or both, to determine credit ratings; and (3) receiving fees from either issuers, investors, or other market participants, or a combination of them. Defines a nationally recognized statistical rating organization (NRSRO) as a credit rating agency that has been in business for at least three consecutive years and is registered under this Act. Prescribes procedural requirements for mandatory NRSRO registration and certification. Authorizes the Securities and Exchange Commission (SEC) to: (1) take action against any NRSRO that issues credit ratings in contravention of the procedures, criteria, and methodologies it includes in its registration application or makes and disseminates in required reports; and (2) censure, place limitations on the activities, functions, or operations of, suspend for a period not exceeding 12 months, or revoke the registration of any NRSRO for violations of this Act. Declares it is unlawful for an NRSRO to represent or imply that it has been sponsored, recommended, or approved, or that its abilities or qualifications have in any respect been passed upon, by any federal agency or officer. Makes it unlawful for an unregistered credit rating agency to state that it is an NRSRO. Requires an NRSRO to establish and enforce written policies and procedures to: (1) prevent the misuse in violation of this Act of material, nonpublic information by the NRSRO or any associated person; and (2) address and manage potential conflicts of interest. Grants the SEC discretion to adopt rules or regulations to prohibit, or require the management or disclosure of, any conflicts of interest relating to the issuance of credit ratings by an NRSRO. Authorizes the SEC to adopt rules that prohibit unfair, coercive, or abusive practices relating to the issuance of credit ratings by an NRSRO. Requires an NRSRO to: (1) designate a compliance officer for ensuring compliance with securities laws and regulations; and (2) file with the SEC certified statements of financial condition. Requires the SEC, within 30 days of enactment of this Act, to cease designation of persons and companies as NRSROs, as the term is used under current regulations. Declares void and of no force or effect the no-action relief that the SEC has granted with respect to the designation of certain NRSROs. (Sec. 5) Includes an NRSRO among the financial entities required to maintain SEC-prescribed records and reports. (Sec. 6) Instructs the Comptroller General to study and report to certain congressional committees on: (1) factors that have led to the consolidation of credit rating agencies; (2) the resulting impact upon securities markets; (3) the problems, if any, faced by business organizations resulting from limited competition among credit rating agencies; and (4) whether and to what extent federal or state regulations impede such competition.

Congressional Research Service summary (Reported to House with amendment(s)), quoted unchanged (nonpartisan). Read the source.

What a vote does

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If it passes both chambers and is signed, it becomes law.

A “Nay” vote

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What does this mean? (plain words)

Official text

Credit Rating Agency Duopoly Relief Act of 2006

Source: Congressional Research Service summary (Reported to House with amendment(s))

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Fitzpatrick, Michael G. [R-PA-8] · 15 cosponsors

Cost estimate: CBO cost estimate: H.R. 2990, Credit Rating Agency Duopoly Relief Act of 2006 (2006-06-29); CBO cost estimate: H.R. 2990, Credit Rating Agency Duopoly Relief Act of 2006 (2006-06-29)

Cosponsors on this site

Recorded votes

Words on this page, explained (3)
Rulemaking
The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.
Securities
Financial investments that can be bought and sold, such as stocks and bonds.
Sponsor and cosponsor
The sponsor is the member who introduces a bill and leads it. Cosponsors are other members who sign on to show support.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong109-hr2990 · catalog fed-us-congress-bills-cong109 · updated 2026-11-15 by psicol fed-bills-cong109