A bill in the U.S. Congress that would overhaul regulation of credit rating agencies is slated for action soon, said Rep. Michael Oxley, chairman of the House Financial Services Committee, on Thursday.
"We'll be moving forward with that legislation," Oxley told a group of accountants at a conference.
The bill, introduced last year by Republican Pennsylvania Rep. Michael Fitzpatrick, would set up a new regulatory framework within the Securities and Exchange Commission for the $2.5-billion credit rating agency industry.
The industry is dominated by a handful of companies, including McGraw-Hill Cos. unit Standard & Poor's, Moody's Corp. unit Moody's Investors Service, and Fimalac SA unit Fitch Ratings.
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