The Securities and Exchange Commission (SEC) announced Friday that Thomas J. Butler has been appointed director of the agency’s new Office of Credit Ratings.
The office was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act and is responsible for overseeing the nine registered Nationally Recognized Statistical Rating Organizations (NRSROs).
Among the responsibilities of the new office is conducting an annual exam of each credit rating agency and issuing a public report. Prior to the creation of the Office of Credit Ratings, the NRSRO examinations required under Dodd-Frank were conducted by the SEC’s Office of Compliance Inspections and Examinations (OCIE).
The SEC says Butler, who starts on June 18, will oversee a staff of approximately 25 lawyers, accountants and examiners responsible for examining and monitoring the NRSROs.