Wagner Bill To Increase Transparency and Competition For NRSROs Passes House
WASHINGTON – Congresswoman Ann Wagner (MO-02) released the below statement following passage of H.R. 3911, the Risk-Based Credit Examinations Act of 2017, a bill she introduced in October of this year.
“The one-size fits all annual reporting requirements mandated under Dodd-Frank missed their intended mark, driving out small National Recognized Statistical Rating Organizations (NRSROs) with regulatory requirements while large credit ratings agencies continued to grow,” said Congresswoman Wagner. “The bipartisan and commonsense legislation passed by the House today will alleviate this burden on small NRSROs, while maintaining oversight and transparency over the industry. Contrary to what some might believe, more regulation doesn’t solve everything—in fact it doesn’t solve most things. We can have accountability and still allow real competition in the marketplace.”