UPDATE 3-US congressional panel backs new rules for hedge funds

* Hedge funds, private equity firms already in bill

* Venture capital, funds with less than $150 mln exempt

* Credit ratings agency regulation bill being debated

* Committee action on National Insurance Office delayed (Recasts throughout; adds details on hedge fund bill approval, bill amendments)

By Kevin Drawbaugh and Rachelle Younglai

WASHINGTON, Oct 27 (Reuters) - U.S. regulators would be able to peer into the secretive world of hedge funds and private equity funds under a bill passed by a key congressional committee on Tuesday.

The House Financial Services Committee voted 67-1 to require advisers to hedge funds, private equity and offshore funds to register with regulators to bring more transparency to a segment of the financial world that is only loosely policed.

Democratic Representative Paul Kanjorski amended his own bill to add the offshore funds, saying it would help regulators get a better grasp of financial system risks.

"There is a common psychology to use the Cayman Islands to hide funds. The whole point of these bills is to get a large enough understanding of the total amount of capital that the systemic risk regulator should be aware of," said Kanjorski.

But the bill fell short of a White House proposal to oversee private pools of capital. The committee exempted venture capital funds and funds with less than $150 million in assets.

In the aftermath of the worst financial crisis in decades, congressional Democrats and the Obama administration are trying to tighten regulation of banks and capital markets. The House panel has already passed a bill to regulate over-the-counter derivatives and another to create an agency to protect consumers from risky financial products.

Securities and Exchange Commission Chairman Mary Schapiro warned broadly at a Wall Street conference on Tuesday against too many exemptions, saying she would work with Congress to avoid creating new carve-outs that "could come back to haunt investors in later years."

Lawmakers amended the private capital pools bill to require periodic inflation adjustments of the minimum net worth thresholds for eligibility to invest in hedge funds and other sophisticated investments. The bill is expected to go to a full House vote in November.

PANEL TO VOTE ON RATINGS AGENCY BILL

The Financial Services Committee also on Tuesday debated a bill to regulate credit ratings agencies, which have been widely blamed for failing to spot credit market problems ahead of the crisis.

The legislation would affect agencies such as Moody's Corp (MCO.N), Standard & Poor's (MHP.N) and Fitch Ratings (LBCP.PA).