SEC names rating agency overseer

SEC press association

The US Securities and Exchange Commission has named former wealth management executive Thomas Butler as the first head of its new credit rating agency oversight office. Butler takes over today as head of the Office of Credit Ratings, set up under the Dodd-Frank Act to improve supervision of the rating agencies whose misrating of structured financial products played an important role in the 2008 financial crisis. The office will be responsible for conducting an annual examination of each of th