House Committee on Wednesday approved legislation to toughen regulation of credit rating agencies

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FACTBOX: Major U.S. financial regulation reform proposals

(Reuters) - The U.S. House of Representatives Financial Services Committee on Wednesday approved legislation to toughen regulation of credit rating agencies.

The approval marked another incremental advance in the drive by the Obama administration and congressional Democrats to tighten bank and capital market regulation.

Below is a summary of proposals. Companies whose businesses could be at risk are listed under "political risk exposure."

CREDIT RATING AGENCIES:

* Bill approved by House Financial Services Committee on October 28 sets up SEC oversight office, exposes agencies to more investor lawsuits, reduces references in U.S. law to ratings. (For House bill, double-click here)

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SYSTEMIC RISK/RESOLUTION/BANK SUPERVISION:

* Obama administration and House Financial Services Committee on October 27 unveiled new draft legislation to set up systemic risk council, empower regulators to manage and shut down large financial firms that threaten economic stability and require industry to foot the bill for FDIC resolutions. Bill would close U.S. Office of Thrift Supervision, take over steps to streamline bank supervision. (For new bill, double-click here

* Senate Banking Committee Chairman Christopher Dodd favors more dramatic centralization of bank supervision.

OTC DERIVATIVES:

* House Financial Services Committee on October 16 approved bill to regulate OTC derivatives, encouraging wider use of exchanges and central clearinghouses, with numerous exemptions. (For committee bill, double-click here)

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Obama financial reforms advance in Congress

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