At the request of Republican members of the House Financial Services Committee, chairman Barney Frank, D-Mass., has delayed a vote on a bill he introduced last week that would require the credit rating agencies to rate municipal, corporate and other securities based on the likelihood of repayment alone.
The bill, which the committee was to vote on today along with nine other bills, has been delayed until at least next month, a knowledgeable source said.
The Republicans asked for more time and the chairman said yes, the source said.
A source close to Republican members of the committee said that the changes outlined in the bill are not simple and the bill should be voted on only after careful review. A legislative hearing should be held to examine these issues before a bill is marked up, the source said.