Securities and Exchange Commission (SEC) chairman Mary Schapiro said yesterday that the SEC will propose new rules for rating agencies, stemming from a broad but "intense review" of how to restore confidence in the financial system.

Schapiro said the SEC must consider additional rules because "the status quo just isn't good enough," even though the commission last year completed a 10-month examination of the three major rating agencies and then proposed a series of rules deigned to limit conflicts of interest and boost competition among them.

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