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2/25/2009--Introduced.<br/>Amends the Securities Exchange Act of 1934 to direct the Securities and Exchange Commission (SEC) to revise regulations relating to &quot;asset-backed securities&quot; to define an &quot;NRSRO asset-backed securities&quot; subset, which shall: (1) be the only asset-backed securities for which a credit rating agency may register and issue ratings as a nationally recognized statistical rating organization (NRSRO); and (2) be restricted to securities representing interests in pools of assets whose performance can be evaluated based on a documented history of predictable performance of similar assets, and which are contained in structures which also have a documented history of predictable performance. Requires the revision of such regulations to include a list of the classes of securities approved as NRSRO asset-backed securities. Prescribes an approval process for NRSRO asset-backed securities classes, including approval standards. Requires an NRSRO to: (1) review annually all ratings issued and outstanding in obligor categories for which it has registered; (2) formally affirm, upgrade, downgrade, or remove ratings based on such review; and (3) provide the SEC with full access to models, documentation, assumptions and performance data upon request, answer all questions posed by the SEC, and cooperate with any SEC investigation. Directs the SEC to determine whether ratings are issued with the expectation of meeting aggregate historical loss and default standards for given ratings levels across all categories for which a credit rating agency has registered.

1235538000 2009-02-25 Fri Sep 18 16:48:14 -0500 2009 introduced 55295 'back':17,35 'deem':21 'elig':22,32 'list':29 'rate':25 'asset':16,34 'initi':28 'nrsro':24 'secur':4 'direct':2 'commiss':7 'exchang':6 'process':12 'establish':9 'asset-back':15,33 'instrument':18,36 69138 false official action 55295 1235538000 Wed Feb 25 00:00:00 -0600 2009 185452 Referred to the House Committee on Financial Services. A000022 1942-11-19 2243 Rayburn House Office Building http://www.house.gov/writerep 5 202-225-1589 Gary 'd':4 '-5':6 'ny':5 'rep':1 'gari':2,7,9 'ackerman':3,8,10 M 400003 Ackerman Gary_L._Ackerman L. Rep. Gary Ackerman [D, NY-5] N00001143 7311 Democrat 202-225-2601 Jewish NY Gary Ackerman 2.27272727272727 http://www.house.gov/ackerman/ C000243 1939-07-02 1233 Longworth House Office Building http://www.house.gov/formcastle/IMA/zipauth.html 0 202-225-2291 Michael 'r':4 '-0':6 'de':5 'rep':1 'castl':3,8,10 'michael':2,7,9 M 400070 Castle Michael_N._Castle N. Rep. Michael Castle [R, DE-0] N00009775 7061 Republican 202-225-4165 Roman Catholic DE Michael Castle 0.884615384615385 http://www.castle.house.gov/ mncastle action 55295 1235538000 Wed Feb 25 00:00:00 -0600 2009 185452 Referred to the House Committee on Financial Services. introduced 55295 1235538000 Wed Feb 25 00:00:00 -0600 2009 185451