#aafth ,,congress  #b;d ,session  ,h4   
,r4 #ficd  ,,an ,,act  ,to amend the    
,,cares ,act to require the uniform     
treatment of nationally recognized      
statistical rating organizations under  
certain programs carried out in response
 to the ,,covid-#ai emergency1 and for  
other purposes4  #a4 ,short title ,this 
,act may be cited as the ,uniform       
,treatment of ,n,r,s,r,os ,act4  #b4    
,uniform treatment of ,n,r,s,r,os  7a7  
,in general ,section #djjc of the       
,,cares ,act 7#ae ,u4,s4,c4 #ijdb71 as  
amended by section #ijb1 is further     
amended by adding at the end the        
following3  7m7 ,uniform treatment of   
,n,r,s,r,os  7#a7 ,in general ,if1 in   
carrying out this section or any other  
program making use of a facility        
established under section #ac7c7 of the 
,federal ,reserve ,act in response to   
the ,,covid-#ai emergency1 the          
,secretary of the ,treasury or the      
,board of ,governors of the ,federal    
,reserve ,system establishes a          

requirement for an entity1 security1 or 
other instrument to carry a minimum     
credit rating1 the ,secretary or the    
,board of ,governors shall accept credit
 ratings provided by any nationally     
recognized statistical rating           
organization with respect to such       
entity1 security1 or other instrument1  
if the nationally recognized statistical
 rating organization is registered with 
the ,securities and ,exchange           
,commission to issue credit ratings with
 respect to the applicable asset class  
of the entity1 security1 or other       
instrument4  7#b7 ,exception  7,a7 ,in  
general ,the ,secretary or the ,board of
 ,governors may exclude a nationally    
recognized statistical rating           
organization from the application of    
paragraph 7#a7 if1 in consultation with 
the ,securities and ,exchange           
,commission1 the ,secretary or ,board of
 ,governors1 as applicable1 determines  
that the nationally recognized          
statistical rating organization is      

unable to provide reliable and accurate 
ratings for a particular asset class and
 that such exclusion is in the public   
interest4  7,b7 ,report ,if the         
,secretary or the ,board of ,governors  
excludes a nationally recognized        
statistical rating organization from the
 application of paragraph 7#a7 pursuant 
to subparagraph 7,a71 the ,secretary or 
,board of ,governors1 as applicable1    
shall1 as soon as practicable after such
 exclusion1 disclose to the public the  
reasoning for such exclusion4  7#c7     
,nationally recognized statistical      
rating organization ,in this subsection1
 the term nationally recognized         
statistical rating organization has the 
meaning given that term under section #c
 of the ,securities ,exchange ,act of   
#aicd 7#ae ,u4,s4,c4 #gh;c74  4  7b7    
,,gao study  7#a7 ,study ,the           
,comptroller ,general of the ,united    
,states shall carry out a study on--    
7,a7 the quality of credit ratings      
across nationally recognized statistical

 ratings organizations 7as defined under
 section #c of the ,securities ,exchange
 ,act of #aicd71 including during the   
#bjjh economic crisis2  7,b7 the effect 
of competition on the quality of credit 
ratings and on the ability of small- and
 mid-size companies and financial       
institutions to access the capital      
markets2 and  7,c7 the implementation of
 the amendment made by subsection 7a74  
7#b7 ,report ,not later than one year   
after the date of enactment of this     
,act1 the ,comptroller ,general shall   
issue a report to the ,congress         
containing all finding and              
determinations made in carrying out the 
study required under paragraph 7#a74    
,passed the ,house of ,representatives  
,september #ba1 #bjbj4;,clerk4