On the surface, the credit rating agencies have survived the storms. They are still rating bonds under the old revenue and payment model. In the wake of the Goldman Sachs (NYSE: GS) charges and the debate about broad financial reform, these companies seemed to get a PR pass. But the New York Times notes that there are two provisions of the senate version of the reform bill that potentially could be major breakthroughs for people who think a new system is needed.

One amendment would no longer make it a law that that some institutional investor buy only products rated by an agency. The idea is to promote buyers to do their own research or hire someone with their best interests in mind. We noted recently that Bloomberg may soon offer such a product via its terminal and that KPMG (KPMG news) and Pricewaterhouse have considered entering the market.

The other amendment would set up a Credit Rating Agency Board, essentially a committee that would pair issuers with rating agencies. That would reduce the direct influence of issuers over raters and might allow for more players to enter the industry. 

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