A Simple Proposal that eliminates the need for tougher credit-rating rules

The WSJ carried an article on the SEC's 500+ page proposal to reform the credit rating system.

Your humble blogger would like to offer up a simple proposal from the FDR Framework that would probably be more effective than all of the SEC's proposed reforms.  The proposal is

Each rating agency should make available all of the data, including assumptions, that it used in developing its rating for a specific security.

Disclosure of this data would dramatically improve the transparency of credit ratings.  It would also let market participants compare their own analysis against the rating agencies.