House To Vote On Credit Rating Agency Reform

Law360 (July 11, 2006, 12:00 AM EDT) -- The credit rating industry could face major reforms in the near future as a result of the Credit Rating Agency Duopoly Relief Act, set for a vote this week.

The legislation would revamp the process by which agencies are certified, eliminating the need for national recognition and instituting a three-month registration process. Agencies looking to be certified will need to have been in operation for a minimum of three years.

The bill also increases U.S. Securities and Exchange Commission oversight of the industry, giving the Commission...
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