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Access to Emergency Credit Facilities Act of 2020

Introduced: September 16, 2020 Introduced by: Scott, Tim Republican · South Carolina See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 16, 2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sep 16, 2020
Introduced in Senate
 Plain-English summary Congressional Research Service

Access to Emergency Credit Facilities Act of 2020

This bill provides for the treatment under existing COVID-19 (i.e., coronavirus disease 2019) economic aid programs of nationally recognized statistical rating organizations, retroactive to March 15, 2020. Specifically, the bill prohibits the requirement of a credit rating from a specific organization to qualify for these aid programs. Furthermore, a credit rating from an organization approved by the Securities and Exchange Commission must be accepted to qualify for these aid programs.

Additionally, the Government Accountability Office must report on the quality of credit ratings issued by these organizations, their effect on access to capital markets, and the implementation of this bill.

What's happening now September 16, 2020

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1