S.Amdt. 4136

SA 4136. Mr. LEVIN (for himself, Mr. Kaufman, and Mr. Franken)
submitted an amendment intended to be proposed to amendment SA 3789
proposed by Mr. Brownback (for himself, Mr. Bond, and Mr. Inhofe) to
the 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:

At the end of the amendment, add the following:

SEC. __. RELIANCE ON REPORTS.

Notwithstanding section 932, section 15E(s)(4) of the
Securities Exchange Act (15 U.S.C. 78o-7), as amended by
section 932, is amended by adding at the end the following:
``(E) No reliance on inadequate report.--A nationally
recognized statistical rating organization may not rely on a
third-party due diligence report if the nationally recognized
statistical rating organization has reason to believe that
the report is inadequate.''.
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