S.Amdt. 3751

SA 3751. Mr. NELSON of Florida submitted an amendment intended to be
proposed to amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for
himself and Mrs. Lincoln)) to the bill S. 3217, to promote the
financial stability of the United States by improving accountability
and transparency in the financial system, to end ``too big to fail'',
to protect the American taxpayer by ending bailouts, to protect
consumers from abusive financial services practices, and for other
purposes; which was ordered to lie on the table; as follows:

On page 1044, between lines 2 and 3, insert the following:

SEC. 939D. CURRENT AND RELIABLE CREDIT RATINGS.

Section 15E of the Securities Exchange Act of 1934 (15
U.S.C. 78o-7), as amended by this subtitle, is amended by
adding at the end the following:
``(w) Monitoring, Review, and Updating of Credit Ratings.--
``(1) Rules required.--Not later than 180 days after the
date of enactment of this subsection, the Commission shall
issue rules that require each nationally recognized
statistical rating organization to regularly monitor, review,
and update the credit ratings issued by the nationally
recognized statistical rating organization, to ensure that
the credit ratings remain current and reliable.
``(2) Enforcement.--The Commission shall censure, fine in
accordance with section 21B, place limitations on the
activities, functions, or operations of, suspend for a period
not exceeding 12 months, or revoke the registration of any
nationally recognized statistical rating organization that
violates the rules issued under paragraph (1), if the
Commission finds, on the record after notice and opportunity
for hearing, that such censure, fine, placing of limitations,
bar, suspension, or revocation is necessary for the
protection of investors and in the public interest.''.

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