Edited By Susan Kelly

It's been nearly 18 months since U.S. securities regulators began considering whether credit rating agencies needed better oversight and if so, how to put such changes into place. A long silence followed congressional hearings on the matter last summer, as a spate of more pressing market and regulatory matters took precedence.

Now, it appears that action could be on the way. According to a source familiar with the details, the staff at the Securities and Exchange Commission (SEC) is preparing a formal proposal to establish the first regulatory framework for the rating agencies, which could be ready for review by late summer and acted upon before the end of the year.

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