S.Amdt. 3925

SA 3925. Mr. SHELBY 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 1004, strike line 15 and all that follows through
page 1044, line 2, and insert the following:

SEC. 931. REMOVAL OF REFERENCES TO CREDIT RATINGS IN FEDERAL
LAW.

(a) Covered Federal Agency.--In this section, the term
``covered Federal agency'' means--
(1) the Commission;
(2) the Corporation;
(3) the Board of Governors;
(4) the National Credit Union Administration;
(5) the Federal Housing Finance Agency; and
(6) the Office of the Comptroller of the Currency.
(b) Review by Covered Federal Agencies.--Not later than 2
years after the date of enactment of this Act, each covered
Federal agency shall--
(1) review all statutes, rules, regulations, forms, and
interpretive guidance administered or issued by the covered
Federal agency to identify references to the term
``nationally recognized statistical rating organization'';
(2) amend the rules, regulations, forms, and interpretive
guidance that the covered Federal agency has identified under
paragraph (1) to ensure that the rules, regulations, forms,
and interpretive guidance neither require nor promote
reliance by persons regulated by the covered Federal agency
on credit ratings issued by a nationally recognized
statistical rating organization; and
(3) submit to the Committee on Banking, Housing and Urban
Affairs of the Senate and the Committee on Financial Services
of the House of Representatives a report that contains
recommendations for amendments to any statute that the
covered Federal agency has identified under paragraph (1) to
ensure that the statute neither requires nor promotes
reliance on credit ratings issued by a nationally recognized
statistical rating organization.
(c) Review by Comptroller General.--
(1) Review required.--Not later than 1 year after the date
of enactment of this Act, the Comptroller General of the
United States shall--
(A) review all statutes, rules, regulations, forms, and
interpretive guidance administered or issued by each Federal
agency that is not a covered Federal agency to identify
references to the term ``nationally recognized statistical
rating organization'';
(B) recommend to each Federal agency that is not a covered
Federal agency, and for which the Comptroller General has
identified rules, regulations, forms, and interpretive
guidance under subparagraph (A), amendments to the relevant
rules, regulations, forms, and interpretive guidance to
ensure that the rules, regulations, forms, and interpretive
guidance neither require nor promote reliance by persons
regulated by the Federal agency on credit ratings issued by a
nationally recognized statistical rating organization; and
(C) submit to Congress a report that contains
recommendations for amendments to any statute that the
Comptroller General has identified under subparagraph (A) to
ensure that the statute neither requires nor promotes
reliance on credit ratings issued by a nationally recognized
statistical rating organization.
(2) Amendments.--Not later than 2 years after the date of
enactment of this Act, any Federal agency to which the
Comptroller General has made a recommendation under paragraph
(1)(B) shall amend any rules, regulations, forms, or
interpretive guidance identified by the Comptroller General
to ensure that the rules, regulations, forms, or interpretive
guidance neither require nor promote reliance by persons
regulated by the Federal agency on credit ratings issued by a
nationally recognized credit rating organization.
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