H.R. 3128 · 111th Congress
To amend the Federal Reserve Act to authorize Federal Reserve Banks to examine the methodologies of used by…
Full title
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.
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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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.
What it does: CRS summary · Introduced in House · Jul 8, 2009
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: 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.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jul 8, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.