Section 939A of The Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (“Dodd-Frank Act”) requires each federal agency to review its regulations and identify: (i) any regulation that requires the use of an assessment of the creditworthiness of a security or money market instrument; and (ii) any references to or requirements in such regulations regarding credit ratings. The Dodd-Frank Act further requires each federal agency to transmit a report to Congress upon the conclusion of the review and 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. The Federal Reserve Board identified 46 references to or requirements regarding credit ratings and anticipates that it will propose amendments to remove references to credit ratings from its capital requirements in conjunction with other expected changes to those requirements, including the implementation of recent international agreements on capital through the Basel Committee on Banking Supervision.