WASHINGTON — Democratic and Republican members of the House Financial Services Committee yesterday espoused completely different views about the effect of an amendment added to the credit rating agency bill that focuses on ratings of municipal securities.

As drafted, the Accountability and Transparency in Rating Agency Act, which the committee plans to vote on today, would require nationally recognized credit rating agencies to base ratings of municipal general obligation bonds on the likelihood of repayment. The provision was designed to ensure that municipal bonds are rated more similarly to corporate bonds, which have higher default rates.

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