Since 2008, academics and policymakers have frequently debated why bond rating agencies such as Moody's, S&P, and Fitch enjoy considerable power and influence. The 2008 financial crisis focused our attention on the bond rating agencies that had previously categorized mortgage-backed securities as investment grade. Scholars have attributed the power enjoyed by the rating agencies to regulations that confer a privileged status on those agencies that are designated as nationally recognized statistical rating organizations (NRSROs) by the U.S. Securities and Exchange Commission (SEC). While these authors mention in passing that the relevant regulation went into effect in 1975, none has conducted archival research to examine why this regulation was introduced at that time. This article is the first historical investigation of the creation of this crucial regulation, which entrenched the concept of the NRSRO in federal securities law. It shows that the SEC mandated the use of NRSRO-created ratings even though SEC officials vigorously debated whether it was wise for the commission to endorse ratings produced by agencies that operate on the basis of the controversial issuer-pay model. This article contributes to our understanding of the SEC's role in the development of the distinctive features of American capitalism.

自 2008 年以来，学者和政策制定者经常争论为什么穆迪、标准普尔和惠誉等债券评级机构享有相当大的权力和影响力。2008 年的金融危机将我们的注意力集中在债券评级机构上，这些机构之前将抵押贷款支持证券归类为投资级别。学者们将评级机构所享有的权力归因于赋予被美国证券交易委员会 (SEC) 指定为国家认可的统计评级机构 (NRSRO) 的机构特权地位的法规。虽然这些作者顺便提到了相关法规于 1975 年生效，但没有人进行档案研究来研究为什么当时引入了该法规。本文是对这一关键法规制定的第一次历史调查，该法规在联邦证券法中确立了 NRSRO 的概念。它表明 SEC 强制使用 NRSRO 创建的评级，尽管 SEC 官员激烈地争论委员会认可基于有争议的发行人支付模式运作的机构所产生的评级是否明智。本文有助于我们了解 SEC 在美国资本主义独特特征发展中的作用。它表明 SEC 强制使用 NRSRO 创建的评级，尽管 SEC 官员激烈地争论委员会认可基于有争议的发行人支付模式运作的机构所产生的评级是否明智。本文有助于我们了解 SEC 在美国资本主义独特特征发展中的作用。它表明 SEC 强制使用 NRSRO 创建的评级，尽管 SEC 官员激烈地争论委员会认可基于有争议的发行人支付模式运作的机构所产生的评级是否明智。本文有助于我们了解 SEC 在美国资本主义独特特征发展中的作用。