Rep. Brad Sherman, D-Calif., is urging House conferees on a regulatory reform bill to support a Senate-passed amendment aimed at reforming the credit rating process that led to 'AAA'-ratings for subprime mortgage-backed securities that have subsequently faced several waves of downgrades.

The amendment by Sen. Al Franken, D-Minn., directs the Securities and Exchange Commission to create an independent panel that selects the credit rating agency for initial ratings of MBS.

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