H.R. 6482: To direct the Securities and Exchange Commission to establish both a process by which asset-backed instruments can be deemed eligible for NRSRO ratings and an initial list of such eligible asset-backed instruments.

H.R. 6482: To direct the Securities and Exchange Commission to establish both a process by which asset-backed instruments can be deemed eligible for NRSRO ratings and an initial list of such eligible asset-backed instruments.

110th Congress · introduced 2008-07-14 · Finance and Financial Sector · Latest: Referred to the House Committee on Financial Services.

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Where it came from: introduced 2008-07-14 · official record
Who proposed it: Rep. Ackerman, Gary L. [D-NY-5] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the House Committee on Financial Services. Not final yet: this can still change. We check for updates every day.
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What does this mean?

Official title

To direct the Securities and Exchange Commission to establish both a process by which asset-backed instruments can be deemed eligible for NRSRO ratings and an initial list of such eligible asset-backed instruments.

Plain summary

Amends the Securities Exchange Act of 1934 to direct the Securities and Exchange Commission (SEC) to revise regulations relating to "asset-backed securities" to define an "NRSRO asset-backed securities" subset, which shall: (1) be the only asset-backed securities for which a credit rating agency may register and issue ratings as a nationally recognized statistical rating organization (NRSRO); and (2) be restricted to securities representing interests in pools of assets whose performance can be evaluated based on a documented history of predictable performance of similar assets, and which are contained in structures which also have a documented history of predictable performance. Requires the revision of such regulations to include a list of the classes of securities approved as NRSRO asset-backed securities. Prescribes an approval process for NRSRO asset-backed securities classes, including approval standards. Requires an NRSRO to: (1) review annually all ratings issued and outstanding in obligor categories for which it has registered; (2) formally affirm, upgrade, downgrade, or remove ratings based on such review; and (3) provide the SEC with full access to models, documentation, assumptions and performance data upon request, answer all questions posed by the SEC, and cooperate with any SEC investigation. Directs the SEC to determine whether ratings are issued with the expectation of meeting aggregate historical loss and default standards for given ratings levels across all categories for which a credit rating agency has registered.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

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What does this mean? (plain words)

Official text

To direct the Securities and Exchange Commission to establish both a process by which asset-backed instruments can be deemed eligible for NRSRO ratings and an initial list of such eligible asset-backed instruments.

Source: Congressional Research Service summary (Introduced in House)

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

Officials and money

Sponsor: Rep. Ackerman, Gary L. [D-NY-5] · 2 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Agencies named in this bill

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Words on this page, explained (2)

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.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-110hr6482.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/110/hr>

Record fed-us-cong110-hr6482 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110