Risk-Based Credit Examination Act

Floor Speech

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Ms. WATERS. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4586) to amend the Securities Exchange Act of 1934 with respect to risk-based examinations of Nationally Recognized Statistical Rating Organizations, as amended.

The Clerk read the title of the bill.

The text of the bill is as follows: H.R. 4586

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE.

This Act may be cited as the ``Risk-Based Credit Examination Act''. SEC. 2. CONDUCT OF RISK-BASED EXAMINATIONS OF NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATIONS.

Section 15E(p)(3)(B) of the Securities Exchange Act of 1934 (15 U.S.C. 78o-7(p)(3)(B)) is amended in the matter preceding clause (i), by inserting ``, as appropriate,'' after ``Each examination under subparagraph (A) shall include''.

Mr. Speaker, I support H.R. 4586, sponsored by Mrs. Wagner, to help the Securities and Exchange Commission robustly oversee the credit rating agencies through more prudent annual examinations.

Mrs. Wagner's proposal ensures that the SEC continues its annual examinations of all credit rating agencies but can now focus their examinations on the aspects of the rating agencies that pose the greatest risk to investors in our capital markets.

Mr. Speaker, I urge my colleagues to support this bill, and I reserve the balance of my time.

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Ms. WATERS. Mr. Speaker, I am pleased to support H.R. 4586, sponsored by Mrs. Wagner, to help the Securities and Exchange Commission robustly oversee the credit rating agencies through more prudent annual examinations.

Mr. Speaker, I urge my Members to vote ``yes,'' and I yield back the balance of my time.

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