I 
116TH CONGRESS 
2D SESSION 
H. R. 6934 
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–19 emergency, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 19, 2020 
Ms. DEAN (for herself, Ms. WATERS, and Mr. BARR) introduced the following 
bill; which was referred to the Committee on Financial Services 
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–19 emergency, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. UNIFORM TREATMENT OF NRSROS. 
(a) IN GENERAL.—Section 4003 of the CARES Act 
(15 U.S.C. 9042), as amended by section 902, is further 
amended by adding at the end the following: 
‘‘(m) UNIFORM TREATMENT OF NRSROS.— 
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‘‘(1) IN GENERAL.—If, in carrying out this sec-
tion or any other program making use of a facility 
established under section 13(3) of the Federal Re-
serve Act in response to the COVID–19 emergency, 
the Secretary of the Treasury or the Board of Gov-
ernors of the Federal Reserve System establishes a 
requirement for an entity, security, or other instru-
ment to carry a minimum credit rating, the Sec-
retary or the Board of Governors shall accept credit 
ratings provided by any nationally recognized statis-
tical rating organization with respect to such entity, 
security, or other instrument, if the Securities and 
Exchange Commission has approved the nationally 
recognized statistical rating organization to issue 
credit ratings with respect to the applicable asset 
class of the entity, security, or other instrument. 
‘‘(2) EXCEPTION.— 
‘‘(A) IN GENERAL.—The Secretary or the 
Board of Governors may exclude a nationally 
recognized statistical rating organization from 
the application of paragraph (1) if, in consulta-
tion with the Securities and Exchange Commis-
sion, the Secretary or Board of Governors, as 
applicable, determines that the nationally recog-
nized statistical rating organization is unable to 
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provide reliable and accurate ratings for a par-
ticular asset class and that such exclusion is in 
the public interest. 
‘‘(B) REPORT.—If the Secretary or the 
Board of Governors excludes a nationally recog-
nized statistical rating organization from the 
application of paragraph (1) pursuant to sub-
paragraph (A), the Secretary or Board of Gov-
ernors, as applicable, shall, as soon as prac-
ticable after such exclusion, disclose to the pub-
lic the reasoning for such exclusion. 
‘‘(3) NATIONALLY
RECOGNIZED
STATISTICAL 
RATING
ORGANIZATION.—In this subsection, the 
term ‘nationally recognized statistical rating organi-
zation’ has the meaning given that term under sec-
tion 3 of the Securities Exchange Act of 1934 (15 
U.S.C. 78c).’’. 
(b) GAO STUDY.— 
(1) STUDY.—The Comptroller General of the 
United States shall carry out a study on— 
(A) the quality of credit ratings across na-
tionally recognized statistical ratings organiza-
tions (as defined under section 3 of the Securi-
ties Exchange Act of 1934), including during 
the 2008 economic crisis; 
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(B) the effect of competition on the quality 
of credit ratings and on the ability of small- 
and mid-size companies and financial institu-
tions to access the capital markets; and 
(C) the implementation of the amendment 
made by subsection (a). 
(2) REPORT.—Not later than one year after the 
date of enactment of this Act, the Comptroller Gen-
eral shall issue a report to the Congress containing 
all finding and determinations made in carrying out 
the study required under paragraph (1). 
Æ 
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