H.R. 3890, the Accountability and Transparency in Rating Agencies Act, won support from both Democrats and Republicans on the House Financial Services Committee Wednesday.
Committee members voted 49-14 to send the bill to House leaders.
The bill was introduced by Rep. Paul Kanjorski, Da., chairman of the House Financial Services Committee’s capital markets subcommittee.
The bill includes a provision that could make it easier for individuals to sue “nationally recognized statistical rating organizations,” and a provision stating that limits on the ability of state and federal regulators to regulate ratings do not create a defense against civil anti-fraud actions.