The Securities and Exchange Commission appointed Thomas Butler as director of the agency’s new office of credit ratings, which was created by the Dodd-Frank Act.
Butler will be responsible for overseeing the nine registered Nationally Recognized Statistical Rating Organizations.
He will oversee a staff of roughly 25 lawyers, accountants and examiners responsible for examining and monitoring the NRSROs. Butler begins work on June 18.
Butler 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. He has also worked at UBS Securities, Babcock Brown, and two major law firms.
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.