Report to the Congress on Credit Ratings, July 2011
market instrument and (2) any references to or requirements in such regulations regarding credit ratings. Each agency must carry out the review no later than one year after the date of the enactment of the
act. The act further requires each federal agency to transmit a report to Congress upon the conclusion of the review. Finally, section 939A directs each federal agency to modify the regulations identified in the review by removing all references to or requirements of reliance on credit ratings and substituting alternative standards of creditworthiness. In establishing such alternative standards, an agency must, to the extent feasible, establish uniform standards, taking into account the entities it regulates and the purposes for which such entities would rely on the alternative standards of creditworthiness.”
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