On November 10, Senator Dodd released a discussion draft of the Restoring American Financial Stability Act of 2009 (the “Senate Proposal”).1 On October 27, the House Financial Services Committee released a discussion draft of the Financial Stability and Improvement Act of 2009 (the “House Proposal”).2 Subtitle D of Title IX of the Senate Proposal (the “Senate ABS Proposal”) and Subtitle F of the House Proposal (also referred to as the Credit Risk Retention Act of 2009) relate specifically to asset-backed securitization reform (the “House ABS Proposal,” and together with the Senate ABS Proposal, the “ABS Proposals”). The ABS Proposals would amend applicable banking regulations and federal securities laws to provide for issuer credit risk retention and more transparent credit risk reporting associated with asset-backed securities. Although the ABS Proposals are based on the proposed legislation submitted to Congress by the Obama Administration in July (the “Obama Proposal”), there are some important differences between the bills which are discussed in more detail below.