House Financial Committee Approves Bill Restoring Exemption of NRSRO Ratings from Expert Liability
July 22, 2011
The House Financial Services Committee this week passed legislation repealing a provision in the Dodd-Frank Wall Street Reform and Consumer Protection Act that increased the liability of credit rating agencies for ratings they provide on asset-backed securities offerings. H.R. 1539, the Asset-Backed Market Stabilization Act of 2011, would restore Rule 436(g) is-sued by the Securities and Exchange Commission, which exempted nationally recognized statistical rating organizations, or NRSROs, from expert liability when they provide ratings for ...