Kanjorski Draft On Credit Rating Agency Legislation Released

Rep. Kanjorski's proposed bill on Credit Agency Reform attached. Currently perusing but some notable highlights:

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‘‘(A) REVIEW BY THE NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION.—
Each nationally recognized statistical rating organization shall establish policies and procedures to ensure that, in any case in which an employee of an obligor or an issuer or under writer of a security or money market instrument was employed by a nationally recognized statistical rating organization and participated in any capacity in determining credit ratings for the obligor or the securities or money market instruments of the issuer during the 1-year period preceding the date of the issuance of the
credit rating..."

Zero Hedge: Kanjorski Draft On Credit Rating Agency Legislation Released