,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #dehf  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,septemb] #af1         
#bjbj,mr4 ,scott ( ,s\? ,c>ol9a 7=      
himself & ,ms4 ,s9ema7 introduc$ !      
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,bank+1 ,h\s+1 &     
,urban ,affairs  ,a ,,bill  ,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 ! ,access to        
,em]g5cy ,cr$it ,facilities ,act (      
#bjbj4  #b4 ,uni=m treatm5t ( ,,nrsros  
7a7 ,9 g5]al ,section #djjc ( ! ,,c>es  
,act 7#ae ,u4,s4,c4 #ijdb7 is am5d$ by  
add+ at ! end ! foll[+3  7i7 ,uni=m     
treatm5t ( ,,nrsros  7#a7 ,def9ition ,9 
?is subsection1 ! t]m nationally        
recogniz$ /ati/ical rat+ organization   
has ! mean+ giv5 ! t]m 9 section #c7;a7 
( ! ,securities ,ex*ange ,act ( #aicd   
7#ae ,u4,s4,c4 #gh;c7a774  7#b7         

,treatm5t ,subject to p>agraph 7#c71 if1
 9 c>ry+ out ?is section or any o!r     
program mak+ use ( a facility e/abli%$  
"u section #ac7c7 ( ! ,f$]al ,res]ve    
,act 7#ab ,u4,s4,c4 #cdc7c77 9 response 
to ,,covid-#ai1 ! ,secret>y or ! ,bo>d (
 ,gov]nors ( ! ,f$]al ,res]ve ,sy/em    
e/abli%es a requirem5t = an entity1     
security1 or o!r in/rum5t to c>ry a     
m9imum cr$it rat+1 ! ,secret>y or !     
,bo>d ( ,gov]nors-- 7,a7 may n require t
 ! cr$it rat+ ) respect to t entity1    
security1 or o!r in/rum5t be issu$ by   
any specific-- 7i7 nationally recogniz$ 
/ati/ical rat+ organization2 or  7ii7   
category or class ( nationally recogniz$
 /ati/ical rat+ organizations2 &  7,b7  
%all accept a cr$it rat+ t is issu$1    
be=e or dur+ ! op]ation ( a program     
au?oriz$ "u ?is section or section      
#ac7c7 ( ! ,f$]al ,res]ve ,act 7#ab     
,u4,s4,c4 #cdc7c77 9 response to        
,,covid-#ai1 by any nationally recogniz$
 /ati/ical rat+ organization t !        
,securities & ,ex*ange ,commission has  

approv$ to issue a rat+ = t entity1     
security1 or o!r in/rum5t4  7#c7        
,exclusion  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#b7 if1 9 consultation ) ! ,securities 
& ,ex*ange ,commission1 ! ,secret>y or  
,bo>d ( ,gov]nors1 z applicable1        
det]m9es t-- 7i7 ! nationally recogniz$ 
/ati/ical rat+ organization is unable to
 provide reliable & accurate rat+s )    
respect to a p>ticul> asset class2 &    
7ii7 ! 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#b7 "u        
subp>agraph 7,a7 ( ?is p>agraph1 !      
,secret>y or ,bo>d ( ,gov]nors1 z       
applicable1 %all1 z soon z practicable  
aft] t exclusion1 disclose to ! public !
 reason+ = t exclusion4  7#d7 ,effective
 date ,! am5dm5ts made by ?is subsection
 %all take effect z if enact$ on ,m>*   

#ae1 #bjbj4  4  7b7 ,,gao /udy & report 
7#a7 ,/udy ,! ,comptroll] ,g5]al ( !    
,unit$ ,/ates %all c>ry out a /udy      
reg>d+-- 7,a7 ! quality ( cr$it rat+s   
issu$ by nationally recogniz$ /ati/ical 
rat+s organizations1 z t t]m is def9$ 9 
section #c7;a7 ( ! ,securities ,ex*ange 
,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a771  
includ+ dur+ ! #bjjh economic crisis2   
7,b7 ! effect ( competition on ! quality
 ( cr$it rat+s & on ! ability ( small- &
 mid-size companies & f9ancial          
in/itutions to access ! capital m>kets2 
&  7,c7 ! implem5tation ( ! am5dm5t made
 by subsection 7a74  7#b7 ,report ,n    
lat] ?an #a ye> aft] ! date ( enactm5t (
 ?is ,act1 ! ,comptroll] ,g5]al ( !     
,unit$ ,/ates %all submit to ,congress a
 report conta9+ all f9d+s & det]m9ations
 made 9 c>ry+ out ! /udy requir$ "u     
p>agraph 7#a74