House Panel Advances Credit Rating Bill

Law360, New York (October 28, 2009, 6:26 PM EDT) -- A key U.S. House of Representatives panel has approved a measure that would create tough new rules for credit rating agencies and expose the firms to additional legal liability.

On Wednesday, the House Financial Services Committee passed H.R. 3890, the Accountability and Transparency in Rating Agencies Act, by a vote of 49-14, sending the measure onward to a full House vote.

The bill expands credit rating agency legislation proposed by the Obama administration, in part by clarifying the ability of individuals to sue the agencies for...
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