Key Votes
S Amdt 3991 - Credit Rating Agency Board - Key Vote
National Key Votes
Thomas Coburn voted Nay (Amendment Vote) on this legislation.
Read recent statements Thomas Coburn made in this general time period.
Stages
Family
- S Amdt 3826 - Consumer Financial Protection Division Within The FDIC
- S Amdt 3839 - Termination of Fannie Mae and Freddie Mac Conservatorships
- S Amdt 3938 - Study on Ending the Conservatorships of Fannie Mae and Freddie Mac
- S Amdt 3760 - Federal Reserve Audit
- S Amdt 3816 - Derivatives Regulation Modifications
- S Amdt 3962 - Home Loan Regulation Modifications
- S Amdt 3955 - Establishing New Mortgage Underwriting Requirements and Eliminating a Risk Retention Requirement
- S Amdt 3991 - Credit Rating Agency Board
- S Amdt 3832 - Establishing Bankruptcy Process for Non-bank Financial Institutions
- S Amdt 3989 - Debit Card Fee Regulations
- S Amdt 3987 - Bureau of Consumer Financial Protection Termination
- S Amdt 4051 - Prohibiting Funding of State and Local Governments to Prevent Defaulting on Debt
- S Amdt 4034 - Federal Preemption Over State Consumer Financial Laws
- S Amdt 4071 - Amending State Authority to Enforce Consumer Financial Regulations
- S Amdt 4114 - Credit Default Swap Regulations
- S Amdt 4072 - Inspector General Appointment Modification
- S Amdt 3746 - Allowing States to Limit Credit Card Interest Rates
Issues
Stage Details
Legislation - Amendment Adopted (Senate) (64-35) - May 13, 2010 (Key vote)
Title: Credit Rating Agency Board
Vote to adopt an amendment to S Amdt 3739 to S 3217 that requires the Securities and Exchange Commission, no later than 180 days after the date of enactment, to establish the Credit Rating Agency Board to select nationally recognized credit rating organizations to provide initial ratings of financial institutions that issue structured finance products.
Requires the Board evaluate multiple selection methods, including a lottery or rotating assignment system, to reduce the potential for a conflict of interest (Sec. 939D).
- Prohibits issuers seeking an initial credit rating from requesting a rating from a specific credit rating organization (Sec. 939D).
- Prohibits the Board from utilizing a selection method that would allow for the solicitation or consideration of the credit rating organization that is preferred by the financial institution (Sec. 939D).
- Requires credit rating organizations to charge issuers a "reasonable fee" for an initial credit rating, and authorizes the Board to establish rules on fees (Sec. 939D).
- Requires the Board annually evaluate each credit rating organization, and specifies that such evaluation shall consider the following (Sec. 939D):
- Result of the annual examination by the Office of Credit Ratings, as required by this Act;
- Surveillance of credit ratings conducted by the credit rating organization after the ratings are issued;
- How the rated instruments performed;
- Accuracy of the ratings provided by the credit rating organization as compared to other organizations;
- Effectiveness of methodologies used by credit rating organizations; and
- Any additional factors the Board determines to be relevant.
- Requires the Board initially be composed of an odd number of members, selected by the Commission, from related industries as follows (Sec. 393D):
- Not less than a majority of members from the investor industry, provided they do not represent issuers;
- Not less than 1 member of the issuer industry;
- Not less than 1 member of the credit rating agency industry; and
- Not less than 1 independent member.
- Establishes 4 year terms for Board members, and requires the Commission to to establish "fair procedures" for nominating and electing future Board members (Sec. 393D).
- Authorizes the Commission to increase the size of the Board to a larger odd number and adjust the term length, but prohibits the Commission from amending the composition of members (Sec. 393D).
Sponsors
Co-sponsors
- Mark Begich (AK - D)
- Jeff Bingaman (NM - D) (Out Of Office)
- Sherrod C. Brown (OH - D)
- Robert P. 'Bob' Casey Jr. (PA - D)
- Richard J. 'Dick' Durbin (IL - D)
- Charles E. 'Chuck' Grassley (IA - R)
- Thomas 'Tom' Harkin (IA - D)
- Timothy Peter 'Tim' Johnson (SD - D)
- Edward E. 'Ted' Kaufman (DE - D) (Out Of Office)
- Amy Klobuchar (MN - D)
- Frank R. Lautenberg (NJ - D)
- Carl Levin (MI - D)
- Jeffery A. 'Jeff' Merkley (OR - D)
- Patty Murray (WA - D)
- William Clarence 'Bill' Nelson Sr. (FL - D)
- Bernard 'Bernie' Sanders (VT - I)
- Charles E. 'Chuck' Schumer (NY - D)
- Jeanne Shaheen (NH - D)
- Sheldon Whitehouse (RI - D)
- Roger F. Wicker (MS - R)
- Ron Wyden (OR - D)
