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United States · Bill · HR

H.R. 2990 (109th)

Credit Rating Agency Duopoly Relief Act of 2006

referredUnited States· United States Congress· EN

Introduced

20 June 2005

Last action

13 July 2006 · Introduced

Status

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsors

Rep. Fitzpatrick, Michael G. [R-PA-8], Rep. Baker, Richard H. [R-LA-6], Rep. Feeney, Tom [R-FL-24], Rep. Oxley, Michael G. [R-OH-4], Rep. Akin, W. Todd [R-MO-2], Rep. Garrett, Scott [R-NJ-5], Rep. Davis, Geoff [R-KY-4], Rep. Gerlach, Jim [R-PA-6], Rep. English, Phil [R-PA-3], Rep. Foley, Mark [R-FL-16], Rep. Barrett, J. Gresham [R-SC-3], Rep. Hart, Melissa A. [R-PA-4], Rep. Gillmor, Paul E. [R-OH-5], Rep. Castle, Michael N. [R-DE-At Large], Rep. McHenry, Patrick T. [R-NC-10], Sen. Blunt, Roy [R-MO]

Subjects

Discovery layer

Source updated

7 April 2025

Official sourceDownload fileView documentsShare

Summary

Credit Rating Agency Duopoly Relief Act of 2005 - Amends the Securities Exchange Act of 1934 to define a statistical rating organization (SRO) to include an entity: (1) whose primary business, for at least the most recent three consecutive years, has been the issuance of publicly available ratings; and (2) that employs either a quantitative or qualitative model to determine its publicly available ratings. Prescribes procedural requirements for mandatory SRO registration. Declares it is unlawful for an SRO to: (1) make use of the mails or any means or instrumentality of interstate commerce in connection with its business as an SRO unless it is in compliance with the registration requirements formulated under this Act; and (2) represent or imply that it has been sponsored, recommended, or approved, or that its abilities or qualifications have in any respect been passed upon, by any federal agency or officer. Requires each SRO to establish and enforce written policies and procedures to: (1) prevent the misuse in violation of this Act of material, nonpublic information by the SRO or any associated person; and (2) address and manage potential conflicts of interest. Directs the Securities and Exchange Commission (SEC) to: (1) adopt rules proscribing specific anti-competitive practices common to the SRO industry; and (2) cease to designate entities as nationally recognized SROs. Declares void and of no force or effect the no-action relief that the SEC has granted with respect to the designation of nationally recognized SROs. Requires every SRO to maintain such records as the SEC requires.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 20 June 2005

    Introduced

    Introduced in House

    Source: IntroReferral

  2. 20 June 2005

    Introduced

    Referred to the House Committee on Financial Services.

    Source: IntroReferral

  3. 20 June 2005

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 28 June 2005

    Introduced

    Sponsor introductory remarks on measure. (CR H5255)

    Source: IntroReferral

  5. 14 June 2006

    Reported

    Ordered to be Reported (Amended) by Voice Vote.

    Source: Committee

  6. 14 June 2006

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  7. 29 June 2006

    Passed

    Mr. Price (GA) asked unanimous consent that the Committee on Financial Services have until 12:00 p.m. on July 7 to file a report on H.R. 2990. Agreed to without objection.

    Source: Committee

  8. 7 July 2006

    Calendars

    Placed on the Union Calendar, Calendar No. 306.

    Source: Calendars

  9. 7 July 2006

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 109-546.

    Source: Committee

  10. 7 July 2006

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 109-546.

    Source: Committee

  11. 10 July 2006

    Reported

    Rules Committee Resolution H. Res. 906 Reported to House. Rule provides for consideration of H.R. 2990 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order.

    Source: Floor

  12. 12 July 2006

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

  13. 12 July 2006

    Vote

    On passage Passed by recorded vote: 255 - 166 (Roll no. 368).

    Source: Floor

  14. 12 July 2006

    Vote

    Passed/agreed to in House: On passage Passed by recorded vote: 255 - 166 (Roll no. 368).

    Source: Floor

  15. 12 July 2006

    Passed

    The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union.

    Source: Floor

  16. 12 July 2006

    Floor

    The previous question was ordered pursuant to the rule. (consideration: CR H5094)

    Source: Floor

  17. 12 July 2006

    Floor

    The House rose from the Committee of the Whole House on the state of the Union to report H.R. 2990.

    Source: Floor

  18. 12 July 2006

    Floor

    The Speaker designated the Honorable John Boozman to act as Chairman of the Committee.

    Source: Floor

  19. 12 July 2006

    Floor

    House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 906 and Rule XVIII.

    Source: Floor

  20. 12 July 2006

    Floor

    Rule provides for consideration of H.R. 2990 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order.

    Source: Floor

  21. 12 July 2006

    Reported

    Considered under the provisions of rule H. Res. 906. (consideration: CR H5080-5094; text of measure as reported in House: CR H5087-5089)

    Source: Floor

  22. 12 July 2006

    Passed

    Rule H. Res. 906 passed House.

    Source: Floor

  23. 13 July 2006

    Introduced

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

11 official files

Referred in Senate (text)

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  • Referred in Senate (text)

    Referred in Senate · EN · 13 July 2006

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  • Referred in Senate (PDF)

    Referred in Senate · EN · 13 July 2006

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  • Engrossed in House (text)

    Engrossed in House · EN · 12 July 2006

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  • Engrossed in House (PDF)

    Engrossed in House · EN · 12 July 2006

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  • Passed House amended

    summary · EN · 12 July 2006

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  • Reported in House (text)

    Reported in House · EN · 7 July 2006

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  • Reported in House (PDF)

    Reported in House · EN · 7 July 2006

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  • Reported to House with amendment(s)

    summary · EN · 29 June 2006

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  • Introduced in House (text)

    Introduced in House · EN · 20 June 2005

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  • Introduced in House (PDF)

    Introduced in House · EN · 20 June 2005

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  • Introduced in House

    summary · EN · 20 June 2005

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Sponsors

Related records

Sources

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