RATE Act

[AI summary unavailable — showing source text] Rating Accountability and Transparency Enhancement Act of 2009 or the RATE Act - Amends the Securities Exchange Act of 1934 to require the Securities and Exchange Commission (SEC) to review credit ratings and methodologies employed by each nationally recognized statistical rating organization (NRSRO) to ensure that the NRSRO complies with its internal controls for determining credit ratings. Requires each NRSRO to establish establish and enforce governance procedures to manage conflicts of interest in accordance with SEC rules. Directs the SEC to issue specified rules to prohibit, or require the management and disclosure of, any conflicts of interest relating to the issuance of credit ratings by an NRSRO. Requires an NRSRO to review and revise a credit rating, if appropriate, in any case in which an employee of an obligor, issuer, or underwriter of a security or money market instrument was employed by an NRSRO and participated in determining such credit ratings for the obligor or the issuer during the one-year period preceding the date of the credit rating (look-back requirement). Requires each NRSRO to designate a compliance officer to perform specified duties. Directs the SEC to …