WASHINGTON — The chairman of a Senate investigative panel wants to change the business model for credit-rating agencies by requiring them to be paid by an independent third party instead of receiving direct payments from investment banks whose products they rate.

Sen. Carl Levin, D-Mich., chairman of Senate Permanent Subcommittee on Investigations, told Dow Jones Newswires Tuesday that he will offer an amendment to a financial overhaul bill that would direct the U.S. Securities and Exchange Commission to identify an intermediary that would filter payments to credit-rating firms.

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