S.Amdt. 3868

SA 3868. Mr. ENSIGN 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 1034, strike line 22 and all that follows through
page 1035, line 9, and insert the following:

SEC. 936. QUALIFICATION STANDARDS FOR CREDIT RATING ANALYSTS.

Not later than 1 year after the date of enactment of this
Act, the Commission shall issue rules that are reasonably
designed to ensure that any person employed by a nationally
recognized statistical rating organization to perform credit
ratings--

[[Page S3366]]

(1) meets standards of training, experience, best
practices, and competence necessary to produce accurate
ratings for the categories of issuers whose securities the
person rates;
(2) is tested for knowledge of the credit rating process;
and
(3) is required to participate in annual continuing
education seminars to maintain the standards described in
paragraph (1).
______