Credit rating agency reform seems to be one of those issues that has fallen by the wayside as of late. True, the Obama Administration has put forward a proposal. The proposal, as Fortune notes, would prevent credit ratings agencies from performing consulting work for companies whose bonds they rate. It would require rating agencies to disclose fees paid by bond issuers in reports. And it would require agencies to use appropriate ratings scales for standard corporate bonds and for more complex structured securities.

One thing it does not do is end the system through which companies receiving ratings pay for their ratings, the long-time model of both Standard & Poor's and Moody's. Indeed, there are conflicts with the investors-pay model as well in that the investor is affected by ratings changes. It's a tricky issue and it's unclear whether this will be a high priority in Congress. 

For more:
- here's the article

Related Articles:
Ratings agencies' practices under more fire
Some radical ideas for credit ratings agency reform
New credit ratings schemes likely to emerge
More changes to come at credit ratings agencies?
Credit rating agencies still in harsh spotlight