S.Amdt. 4097

SA 4097. Mr. LEVIN (for himself, Mr. Kaufman, and Mr. Franken)
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 1006, strike line 17 and all that follows through
page 1007, line 2, and insert the following:
(A) by striking paragraph (2) and inserting the following:
``(2) Standards and oversight.--The Commission shall set
standards and exercise oversight of the procedures and
methodologies, including qualitative and quantitative data
and models, used by nationally recognized statistical rating
organizations, to ensure that the credit ratings issued by
the nationally recognized statistical rating organizations
have a reasonable foundation.''; and
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