FacultyFaculty/Author Profile
Thomas J. Butler

Thomas J. Butler

U.S. Securities and Exchange Commission
Associate Regional Director, New York Regional Office,OCIE
New York, NY, USA


Mr. Butler has served as the first Director of the SEC’s Office of Credit Ratings since the office was established in June 2012. In this role he is charged with assisting the Commission in executing its responsibility for the oversight of "nationally recognized statistical rating organizations" or "NRSROs." Mr. Butler manages a staff of examiners, attorneys and accountants in monitoring the activities and conducting examinations of NRSROs to assess and promote compliance with statutory and Commission requirements.

During his tenure at the SEC, Mr. Butler has implemented significant enhancements to the NRSRO oversight regime, including expanding the outreach of the monitoring program, developing the risk assessment process for examinations and establishing the supervisory colleges for credit rating agencies. Through his leadership, the office has published numerous examination reports, studies and other reports on the activities of NRSROs and the credit rating agency industry.

Prior to joining the Commission, Mr. Butler was a Managing Director at Morgan Stanley Smith Barney, the joint venture between Morgan Stanley and Citi. During his tenure at Citi, Mr. Butler had extensive global experience in corporate and structured finance, public sector finance, wealth management and investments. Prior to Citi, Mr. Butler held senior financial advisory and structuring roles at UBS and Babcock & Brown. Mr. Butler began his career as an attorney at two major law firms.

Mr. Butler’s professional experience reflects innovation and industry leadership in roles as issuer, arranger, sponsor and investor. His knowledge and expertise spans across municipal, corporate and structured debt finance and affords him unique insight on credit ratings and the credit rating industry.

Mr. Butler received his Juris Doctorate (J.D.) from Rutgers School of Law at Newark and his Bachelor of Arts (B.A.) in Economics from Rutgers College.

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