The House Financial Services Committee has tentatively scheduled a vote for July 15 on a bill that would require credit rating agencies to rate municipal, corporate, and other securities in the same manner and based on the likelihood of repayment alone, committee staff said yesterday.

Introduced June 19 by chairman Barney Frank, D-Mass., and cosponsored by three other Democrats, the bill aims to address what the lawmakers believe is an inherently unfair system in which high-quality munis are rated lower than corporate debt that has a similar or higher risk of default.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.