U.S. Rep. Michael G. Oxley, chairman of the House Financial Services and the man who helped shape the new mutual fund regulations in the wake of scandal, will leave quite a legacy, friends and colleagues say.
Term limits will force the Ohio Republican out of the House at the end of 2006.
"Mike Oxley is a good friend and a remarkable colleague," said Sen. Paul S. Sarbanes, D-Md., co-author of the landmark Sarbanes-Oxley Act. "He was a critical partner in our efforts to enact legislation to curb corporate abuse1/4 We were united in our objective to restore investors' confidence in the integrity of our capital markets, which had been so egregiously undermined. Mike and I have been through a lot together. I have always valued his advice and counsel as well as the bi-partisan working relationship we have established. His expertise will be missed in the Congress.
Treasury Secretary John W. Snow added: "As chairman of the House Financial Services Committee, Mike Oxley oversaw a critical period for our nation's financial markets. The landmark corporate responsibility legislation enacted under his leadership - and which bears his name - shored up investors in the face of events, which shook their confidence. In addition, his hard work to establish greater transparency and increased disclosures for mutual fund investors provided greater protections and investment security for millions of Americans. And in the wake of September 11, he led the Committee's efforts to swiftly strengthen anti-money-laundering measures and provide law enforcement with better tools to fight the financing of terrorism.
House Speaker and U.S. Rep. Dennis Hastert, R-Ill., called Oxley a lawmaker who likes to get things done.
"Mike has helped to usher in landmark legislation like the 2002 Sarbanes-Oxley law, which responded to stockholder outcry and made corporations more transparent and accountable," Hastert said. "Just last week, he spearheaded legislation passed in the House to overhaul regulation of Fannie Mae and Freddie Mac. Mike Oxley has provided steady, dedicated leadership to House Republicans, and I am grateful for his service."
Oxley, who served through the presidencies of Ronald Reagan to George W. Bush said, "There comes a time to move on, but I am incredibly optimistic about our district and nation."