Uniform Treatment of Nrsros Act

Floor Speech

Mr. Speaker, I would like to thank the gentlewoman from Pennsylvania (Ms. Dean) for introducing this bipartisan bill.

Since the early days of the pandemic, the Federal Reserve has acted swiftly to ensure liquidity is available to companies of all sizes across the country. The emergency facilities support businesses and, in turn, their workers and customers.

The committee has continually called for a broad-based approach to aid our businesses and communities throughout this economic crisis. H.R. 6934 simply encourages the Federal Reserve to include companies that have credit ratings from all SEC-registered and supervised NRSROs as participants in its emergency facilities.

Though the Federal Reserve revised some of the requirements for companies with credit ratings from smaller NRSROs, there are still companies left on the sidelines. This bill will ensure small and mid-sized businesses have access to the facilities that provide necessary support.

An open and transparent process is essential to the success of the emergency facilities. This bill supports that process.

Mr. Speaker, I urge my colleagues to support the bill, and I reserve the balance of my time.

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Mr. TIMMONS. Mr. Speaker, I am prepared to close.

I would simply urge my colleagues to support H.R. 6934, and I yield back the balance of my time.

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