WASHINGTON – U.S. Senators Tim Scott (R-SC) and Kyrsten Sinema (D-AZ) introduced the Access to Emergency Credit Facilities Act of 2020, a bill that would amend the CARES Act to prevent the Federal Reserve from requiring a credit rating agency by name or specific category of NRSRO’s. This bill would also provide issuers with a rating from any duly registered Nationally Recognized Statistical Ratings Organizations (NRSRO) to access to more facilities.

"I understand the regulatory burdens that hurt businesses and hinder competition across the country," said Senator Tim Scott. “This legislation helps businesses and insurers across the country gain more access to the Federal Reserve’s facilities created to address the COVID crisis, which in turn aids in increasing competition and lowers costs. I look forward to my Senate colleagues joining me and supporting this legislation."

"Arizona employers need economic relief now. We’re ensuring small businesses across Arizona have access to federal programs to help protect paychecks and good Arizona jobs," said Senator Sinema.

"We applaud Senators Scott and Sinema for introducing this critical legislation.  The Access to Emergency Credit Facilities Act would ensure that small and mid-size businesses across the country can access emergency credit facilities during these unprecedented times,” said Jim Nadler, President and CEO of Kroll Bond Rating Agency. “Over the past decade, Congress has been very clear that supporting competition among credit rating agencies is critical to businesses, investors, and financial stability.  This legislation would ensure that the federal government facilitates a level playing field across financial markets."

Full text of the bill is available HERE.

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