The Federal Reserve Bank of New York will have the authority to make rules that could expand the number of credit rating agencies working with the Term Asset-Backed Securities Loan Facility (TALF) under a proposal released by the central bank Monday.

When the Fed established TALF last November, it initially accepted collateral only if it won investment-grade ratings from two of three rating agencies — Standard & Poor's, Moody's Investors Service and Fitch Ratings.

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