S.Amdt. 4137

SA 4137. 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. __. STANDARDS AND OVERSIGHT.

Notwithstanding section 932, section 15E(c)(2) of the
Securities Exchange Act of 1934 (15 U.S.C. 78o-7(c)(2)) is
amended to read as follows:
``(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.''.
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