1. Uniform treatment of NRSROs (a) In general Section 4003 of the CARES Act ( 15 U.S.C. 9042 ), as amended by section 902, is further amended by adding at the end the following: (m) Uniform treatment of NRSROs (1) In general If, in carrying out this section or any other program making use of a facility established under section 13(3) of the Federal Reserve Act in response to the COVID–19 emergency, the Secretary of the Treasury or the Board of Governors of the Federal Reserve System establishes a requirement for an entity, security, or other instrument to carry a minimum credit rating, the Secretary or the Board of Governors shall accept credit ratings provided by any nationally recognized statistical rating organization with respect to such entity, security, or other instrument, if the Securities and Exchange Commission has approved the nationally recognized statistical rating organization to issue credit ratings with respect to the applicable asset class of the entity, security, or other instrument. (2) Exception (A) In general The Secretary or the Board of Governors may exclude a nationally recognized statistical rating organization from the application of paragraph (1) if, in consultation with the Securities and Exchange Commission, the Secretary or Board of Governors, as applicable, determines that the nationally recognized statistical rating organization is unable to provide reliable and accurate ratings for a particular asset class and that such exclusion is in the public interest. (B) Report If the Secretary or the Board of Governors excludes a nationally recognized statistical rating organization from the application of paragraph (1) pursuant to subparagraph (A), the Secretary or Board of Governors, as applicable, shall, as soon as practicable after such exclusion, disclose to the public the reasoning for such exclusion. (3) Nationally recognized statistical rating organization In this subsection, the term nationally recognized statistical rating organization has the meaning given that term under