(5) Section 439 of the Higher Education Act of 
1965 (20 U.S.C. 1087–2) is amended— 
(A) in each of the following provisions, by 
striking ‘‘nationally recognized’’ and inserting 
‘‘nationally 
registered’’: 
subsections 
(d)(5),(r)(1)(B), (r)(11), and (r)(15)(A); and 
(B) in subsection (r)(15)(A) by striking 
‘‘means any entity recognized as such by the 
Securities and Exchange Commission’’ and in-
serting ‘‘means any nationally registered statis-
tical rating organization as that term is defined 
under the Securities Exchange Act of 1934’’. 
(6) Section 181(11) of title 23, United States 
Code, is amended by striking ‘‘identified by the Se-
curities and Exchange Commission as a Nationally 
Recognized Statistical Rating Organization’’ and in-
serting ‘‘registered with the Securities and Exchange 
Commission as a statistical rating organization as 
that term is defined under the Securities Exchange 
Act of 1934 (15 U.S.C. 78 et seq.)’’. 
(7) Section 1004(d)(2)(D)(i)(II) of the LOCAL 
TV Act (47 U.S.C 1103(d)(2)(D)(i)(II)) is amended 
by striking ‘‘recognized’’ and inserting ‘‘registered’’.
SEC. 5. ANNUAL AND OTHER REPORTS. 
Section 17(a) (15 U.S.C. 78q(a)) is amended by add-
ing at the end the following new paragraph: 
‘‘(4) Every nationally registered statistical rating or-
ganization shall also make and keep for described periods 
such records, furnish such copies thereof, and make and 
disseminate such reports as the Commission, by rule, pre-
scribes as necessary or appropriate in the public interest, 
for the protection of investors, or otherwise in furtherance 
of the purposes of this title.’’. 
SEC. 6. GAO STUDY AND REPORT REGARDING CONSOLIDA-
TION OF CREDIT RATING AGENCIES. 
(a) STUDY REQUIRED.—The Comptroller General of 
the United States shall conduct a study— 
(1) to identify— 
(A) the factors that have led to the consoli-
dation of credit rating agencies; 
(B) the present and future impact of the 
condition described in subparagraph (A) on the 
securities markets, both domestic and inter-
national; and 
(C) solutions to any problems identified 
under subparagraph (B), including ways to in-
crease competition and the number of firms ca-
pable of providing credit rating services to large
national and multinational business organiza-
tions that are subject to the securities laws; 
(2) of the problems, if any, faced by business 
organizations that have resulted from limited com-
petition among credit rating agencies, including— 
(A) higher costs; 
(B) lower quality of services; 
(C) anti-competitive practices; 
(D) impairment of independence; and 
(E) lack of choice; and 
(3) whether and to what extent Federal or 
State regulations impede competition among credit 
rating agencies. 
(b) CONSULTATION.—In planning and conducting the 
study under this section, the Comptroller General shall 
consult with— 
(1) the Securities and Exchange Commission; 
(2) the Department of Justice; and 
(3) any other public or private sector organiza-
tion that the Comptroller General considers appro-
priate. 
(c) REPORT REQUIRED.—Not later than 180 days 
after the date of enactment of this Act, the Comptroller 
General shall submit a report on the results of the study 
required by this section to the Committee on Banking,
Housing, and Urban Affairs of the Senate and the Com-
mittee on Financial Services of the House of Representa-
tives. 
SEC. 7. EFFECTIVE DATE. 
The amendments made by section 4 and 5 shall take 
effect on January 1, 2007, except as otherwise provided 
in subsections (e), (j)(1), and (j)(3) of section 15E of the 
Securities Exchange Act of 1934 (as added by such 
amendments), and except that the Securities and Ex-
change Commission is authorized to prescribe rules and 
regulations to carry out such amendments beginning on 
the date of enactment of this Act. 
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