#aaf? ,,congress  #b;d ,session  ,h4 ,r4
 #ficd  ,,an ,,act  ,to am5d ! ,,c>es   
,act to require ! uni=m treatm5t (      
nationally recogniz$ /ati/ical rat+     
organizations "u c]ta9 programs c>ri$   
out 9 response to ! ,,covid-#ai em]g5cy1
 & = o!r purposes4  #a4 ,%ort title ,?is
 ,act may be cit$ z ! ,uni=m ,treatm5t (
 ,n,r,s,r,os ,act4  #b4 ,uni=m treatm5t 
( ,n,r,s,r,os  7a7 ,9 g5]al ,section    
#djjc ( ! ,,c>es ,act 7#ae ,u4,s4,c4    
#ijdb71 z am5d$ by section #ijb1 is     
fur!r am5d$ by add+ at ! end ! foll[+3  
7m7 ,uni=m treatm5t ( ,n,r,s,r,os  7#a7 
,9 g5]al ,if1 9 c>ry+ out ?is section or
 any o!r program mak+ use ( a facility  
e/abli%$ "u section #ac7c7 ( ! ,f$]al   
,res]ve ,act 9 response to ! ,,covid-#ai
 em]g5cy1 ! ,secret>y ( ! ,treasury or !
 ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve   
,sy/em e/abli%es a requirem5t = an      
entity1 security1 or o!r in/rum5t to    
c>ry a m9imum cr$it rat+1 ! ,secret>y or
 ! ,bo>d ( ,gov]nors %all accept cr$it  
rat+s provid$ by any nationally         

recogniz$ /ati/ical rat+ organization ) 
respect to su* entity1 security1 or o!r 
in/rum5t1 if ! nationally recogniz$     
/ati/ical rat+ organization is regi/]$ )
 ! ,securities & ,ex*ange ,commission to
 issue cr$it rat+s ) respect to !       
applicable asset class ( ! entity1      
security1 or o!r in/rum5t4  7#b7        
,exception  7,a7 ,9 g5]al ,! ,secret>y  
or ! ,bo>d ( ,gov]nors may exclude a    
nationally recogniz$ /ati/ical rat+     
organization f ! application ( p>agraph 
7#a7 if1 9 consultation ) ! ,securities 
& ,ex*ange ,commission1 ! ,secret>y or  
,bo>d ( ,gov]nors1 z applicable1        
det]m9es t ! nationally recogniz$       
/ati/ical rat+ organization is unable to
 provide reliable & accurate rat+s = a  
p>ticul> asset class & t su* exclusion  
is 9 ! public int]e/4  7,b7 ,report ,if 
! ,secret>y or ! ,bo>d ( ,gov]nors      
excludes a nationally recogniz$         
/ati/ical rat+ organization f !         
application ( p>agraph 7#a7 pursuant to 
subp>agraph 7,a71 ! ,secret>y or ,bo>d (

 ,gov]nors1 z applicable1 %all1 z soon z
 practicable aft] su* exclusion1        
disclose to ! public ! reason+ = su*    
exclusion4  7#c7 ,nationally recogniz$  
/ati/ical rat+ organization ,9 ?is      
subsection1 ! t]m nationally recogniz$  
/ati/ical rat+ organization has ! mean+ 
giv5 t t]m "u section #c ( ! ,securities
 ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4   
#gh;c74  4  7b7 ,,gao /udy  7#a7 ,/udy  
,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates 
%all c>ry out a /udy on-- 7,a7 ! quality
 ( cr$it rat+s across nationally        
recogniz$ /ati/ical rat+s organizations 
7z def9$ "u section #c ( ! ,securities  
,ex*ange ,act ( #aicd71 includ+ dur+ !  
#bjjh economic crisis2  7,b7 ! effect ( 
competition on ! quality ( cr$it rat+s &
 on ! ability ( small- & mid-size       
companies & f9ancial in/itutions to     
access ! capital m>kets2 &  7,c7 !      
implem5tation ( ! am5dm5t made by       
subsection 7a74  7#b7 ,report ,n lat]   
?an "o ye> aft] ! date ( enactm5t ( ?is 
,act1 ! ,comptroll] ,g5]al %all issue a 

report to ! ,congress conta9+ all f9d+ &
 det]m9ations made 9 c>ry+ out ! /udy   
requir$ "u p>agraph 7#a74  ,pass$ !     
,h\se ( ,repres5tatives ,septemb] #ba1  
#bjbj4;,cl]k4