Legis Daily

Access to Emergency Credit Facilities Act of 2020

USA116th CongressS-4586| Senate 
| Updated: 9/16/2020
Tim Scott

Tim Scott

Republican Senator

South Carolina

Cosponsors (1)
Kyrsten Sinema (Independent)

Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Sep 16, 2020
Introduced in Senate
Sep 16, 2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • September 16, 2020
    Introduced in Senate


  • September 16, 2020
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Finance and Financial Sector

Cardiovascular and respiratory healthCongressional oversightCredit and credit marketsEmergency medical services and trauma careFinancial services and investmentsGovernment information and archivesGovernment studies and investigationsInfectious and parasitic diseasesSecuritiesSmall business

Access to Emergency Credit Facilities Act of 2020

USA116th CongressS-4586| Senate 
| Updated: 9/16/2020
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Sep 16, 2020
Introduced in Senate
Sep 16, 2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • September 16, 2020
    Introduced in Senate


  • September 16, 2020
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Tim Scott

Tim Scott

Republican Senator

South Carolina

Cosponsors (1)
Kyrsten Sinema (Independent)

Banking, Housing, and Urban Affairs Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Cardiovascular and respiratory healthCongressional oversightCredit and credit marketsEmergency medical services and trauma careFinancial services and investmentsGovernment information and archivesGovernment studies and investigationsInfectious and parasitic diseasesSecuritiesSmall business