david wilson, senior deputy comptroller and chief national bank examiner, office of the comptroller office of the comptroller of the currency. mr. ramsey, you are recognized. >> chairman of the bar, ranking member capuano, members of the subcommittee, my name is john ramsay and i'm deputy director in the division of trading and markets of the security and exchange commission. thank you for the opportunity to testify on behalf of the commission concerning its oversight of credit rating agencies and the regulatory treatment ratings. the commission first gave her a story sort of rating agencies in 2006 with the passage of the credit rating agency reform act. which mandated the commission to establish a registration and oversight program for nationally recognized statistical rating organizations, or nrsros. it is important to note the commission is prohibited from regulating the substance of credit ratings or rating agency procedures or methodologies. from 2007-2009 the commission adopted rules under this authority to address conflicts of interest, establish record-keeping and reporting requirements, and require credit agencies to perform