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SEC Names Thomas Butler as Director of New Office of Credit Ratings


Washington, D.C., June 15, 2012 —

The Securities and Exchange Commission today announced that Thomas J. Butler has been appointed Director of the agency’s new Office of Credit Ratings.

The SEC’s Office of Credit Ratings was created by the Dodd-Frank Act and is responsible for overseeing the nine registered Nationally Recognized Statistical Rating Organizations (NRSROs). Required among these responsibilities is conducting an annual exam of each credit rating agency and issuing a public report.

Mr. Butler will oversee a staff of approximately 25 lawyers, accountants, and examiners responsible for examining and monitoring the NRSROs. Mr. Butler begins work on June 18.

“Tom’s background and experience will bolster the agency’s oversight and review of credit rating agencies,” said SEC Chairman Mary L. Schapiro.

Mr. Butler said, “I am honored to accept this new position and look forward to working with my new colleagues to carry out the regulatory requirements to oversee credit rating agencies.”

Throughout his career, Mr. Butler has served in leadership positions through which he gained extensive knowledge about the role of credit rating agencies in the financial services sector. He spent 14 years working at Morgan Stanley Smith Barney and its predecessors including Citi Global Wealth Management, where he held senior executive positions for several business units. Mr. Butler was a managing director and chief operating officer for the Investment Strategy, Investment Advisory, Global Investments and Public Sector Group units. Earlier in his career, Mr. Butler worked at UBS Securities LLC, Babcock & Brown Inc., and two major law firms.

Mr. Butler received his J.D. from Rutgers University School of Law at Newark and his B.A. from Rutgers College.

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, which issued the first public report regarding the annual examinations on Sept. 30, 2011.


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