H.R.3128 - To amend the Federal Reserve Act to authorize Federal Reserve Banks to examine the methodologies of used by nationally recognized statistical rating organizations in analyzing and rating asset backed securities and structured finance products.

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  • Official: To amend the Federal Reserve Act to authorize Federal Reserve Banks to examine the methodologies of used by nationally recognized statistical rating organizations in analyzing and rating asset backed securities and structured finance products. as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
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07/07/09
 
 
 
 
 
 
 

Official Bill Text Comment on about 2 Pages

Sponsor

Representative

Keith Ellison

D-MN

No Co-Sponsors

Official Summary

7/8/2009--Introduced.Amends the Federal Reserve Act to authorize the Board of Governors of the Federal Reserve System to authorize any federal reserve bank to examine the methodologies used by nationally recognized statistical rating organizations (NRSROs) in analyzing and rating asset bac
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Official Summary

7/8/2009--Introduced.Amends the Federal Reserve Act to authorize the Board of Governors of the Federal Reserve System to authorize any federal reserve bank to examine the methodologies used by nationally recognized statistical rating organizations (NRSROs) in analyzing and rating asset backed securities and structured finance products. Defines asset backed security as:
(1) one that is primarily serviced by the cash flows of a discrete pool of receivables or other financial assets (including mortgages), either fixed or revolving, that by their terms convert into cash within a finite time period, plus any rights or other assets designed to assure the servicing or timely distributions of proceeds to the security holders; and
(2) any other security as the Board may prescribe.Defines structured finance product as any product that includes:
(1) the pooling of assets (either cash-based or synthetically created);
(2) the tranching of liabilities that are backed by such assets;
(3) de-linking of the credit risk of such assets from the originator's credit risk (usually through use of a finite-lived, standalone financing vehicle); or
(4) such other elements as the Board may prescribe.

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Recent Blog Coverage

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11/17/10
gahreesen_info: Committees with insurance interests.

The committee is another stop for H.R. 1583, regarding insurer competition, and the group is assigned to review H.R. 3128, a stand-alone bill that would form the consumer financial protection agency--a component of the Obama ...

Source: Gahreesen
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08/16/10
Sharon Stone: «Sexul cu puştani mă ţine-n formă!» | Mini Ştiri

HR 3128. Omnibus Budget Reconciliation, Fiscal 1986. Martin, R-Ill., motion that the House recede from its disagreement to the Senate amendment making changes in the bill to reduce fiscal 1986 deficits. The Senate amendment was an ...

Source: Mini Ştiri - Ştiri de 100 de cuvinte
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08/04/10
In Case You Missed It: Bill McCollum Lies About His Record On ...

(H.R. 4961, Roll Call Vote #303: Adopted 226-207: R 103-89; D 123-118, 8/19/82, McCollum Voted Yea; H.R. 3128, Roll Call Vote #60: Motion Agreed To (Thus Cleared For The President) 230-154: R 146-21; D 84-133, 3/20/86, McCollum Voted ...

Source: VOTE RICK SCOTT FLORIDA
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