,,ii  #aafth ,,congress  #b;d ,session  
,s4 #dehf  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,september #af1
 #bjbj,mr4 ,scott of ,south ,carolina   
7for himself and ,ms4 ,sinema7          
introduced the following bill2 which was
 read twice and referred to the         
,committee on ,banking1 ,housing1 and   
,urban ,affairs  ,a ,,bill  ,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 ,access to     
,emergency ,credit ,facilities ,act of  
#bjbj4  #b4 ,uniform treatment of       
,,nrsros  7a7 ,in general ,section #djjc
 of the ,,cares ,act 7#ae ,u4,s4,c4     
#ijdb7 is amended by adding at the end  
the following3  7i7 ,uniform treatment  
of ,,nrsros  7#a7 ,definition ,in this  
subsection1 the term nationally         
recognized statistical rating           

organization has the meaning given the  
term in section #c7;a7 of the           
,securities ,exchange ,act of #aicd 7#ae
 ,u4,s4,c4 #gh;c7a774  7#b7 ,treatment  
,subject to paragraph 7#c71 if1 in      
carrying out this section or any other  
program making use of a facility        
established under section #ac7c7 of the 
,federal ,reserve ,act 7#ab ,u4,s4,c4   
#cdc7c77 in response to ,,covid-#ai1 the
 ,secretary 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-- 7,a7 may  
not require that the credit rating with 
respect to that entity1 security1 or    
other instrument be issued by any       
specific-- 7i7 nationally recognized    
statistical rating organization2 or     
7ii7 category or class of nationally    
recognized statistical rating           
organizations2 and  7,b7 shall accept a 
credit rating that is issued1 before or 

during the operation of a program       
authorized under this section or section
 #ac7c7 of the ,federal ,reserve ,act   
7#ab ,u4,s4,c4 #cdc7c77 in response to  
,,covid-#ai1 by any nationally          
recognized statistical rating           
organization that the ,securities and   
,exchange ,commission has approved to   
issue a rating for that entity1         
security1 or other instrument4  7#c7    
,exclusion  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#b7 if1 in   
consultation with the ,securities and   
,exchange ,commission1 the ,secretary or
 ,board of ,governors1 as applicable1   
determines that-- 7i7 the nationally    
recognized statistical rating           
organization is unable to provide       
reliable and accurate ratings with      
respect to a particular asset class2 and
  7ii7 the 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#b7 under    
subparagraph 7,a7 of this paragraph1 the
 ,secretary or ,board of ,governors1 as 
applicable1 shall1 as soon as           
practicable after that exclusion1       
disclose to the public the reasoning for
 that exclusion4  7#d7 ,effective date  
,the amendments made by this subsection 
shall take effect as if enacted on      
,march #ae1 #bjbj4  4  7b7 ,,gao study  
and report  7#a7 ,study ,the            
,comptroller ,general of the ,united    
,states shall carry out a study         
regarding-- 7,a7 the quality of credit  
ratings issued by nationally recognized 
statistical ratings organizations1 as   
that term is defined in section #c7;a7  
of the ,securities ,exchange ,act of    
#aicd 7#ae ,u4,s4,c4 #gh;c7a771         
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 #a year after the date of    
enactment of this ,act1 the ,comptroller
 ,general of the ,united ,states shall  
submit to ,congress a report containing 
all findings and determinations made in 
carrying out the study required under   
paragraph 7#a74