It's two steps forward and one step back for Sen. Al Franken's plan to end "pay-to-play" in the high-flying financial world where credit rating agencies do business with the very same investment houses whose securities they grade. In a key legislative victory, the Senate adopted Franken's measure in its Wall Street reform bill creating an independent board under the Securities and Exchange Commission (SEC) to assign credit rating agencies to rate bonds and other financial products. But the measure did not survive the legislative two-step called a conference committee, where House and Senate negotiators hash out differing versions of their bills. Instead, under a compromise reached Tuesday, Franken's idea will get a two-year study, with the only promise being that, in the end, some plan could be adopted to address the inherent conflicts-of-interest he has raised. Sounds like a wee setback; but it could have been worse. The original compromise language simply called for an open-ended study, with no suggestion of any action in the end. The conference dance continues, with passage of a major Wall Street reform bill expected by July 4. But for now, the Minnesota Democrat is taking a glass-half-full posture. "The language agreed on by the conference committee means more time and more study than I think is necessary, but it also means definite action will be taken," he said. "And that's a win for everyone looking to protect consumers and hold the industry accountable."