S. 4586 · 116th Congress
Access to Emergency Credit Facilities Act of 2020
- Stage
- In committee
- Sponsor
- Tim Scott
- Introduced
- 2020-09-16
- Latest action
- 2020-09-16 · Introduced in Senate
Summary
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.