Franken Amendment

Refers to Section 939F of the DFA (introduced by Sen. Al Franken), which requires the SEC to carry out a study of the credit rating process for structured finance products, and the feasibility of establishing a system in which a self-regulatory organization assigns rating agencies to determine the credit ratings of structured finance products. The SEC is required to implement a system of assigned credit ratings unless it determines through the course of its study that “an alternative system would better serve the public interest and the protection of investors.”