Rating agencies have received a lot of attention in the recent financial crisis. Historically, the market has been dominated by a few large agencies, currently Standard & Poor's, Moody's, and Fitch. In order to increase competition, the Securities and Exchange Commission (SEC) implemented measures in 2006 to expedite the approval process for rating agencies. However, in response to the financial crisis, the Fed established lending programs for which it initially stated that it accepts only collateral appraised by one of the big three.

Discuss the likely consequences of such a decision on market structure.