Financial Services Committee Leader Announces Retirement
WASHINGTON-After 25 years in the House of Representatives, Congressman Michael G. Oxley (R-Ohio) said last week that he would not seek re-election at the end of his term in 2006. The House Financial Services Committee chairman would not have been allowed to serve in that capacity beyond 2006 because of Republican-imposed term limits for committee chairmen. Oxley announced his retirement in his district Nov. 1. "It has been an extraordinary privilege to serve the people of the Fourth District in Washington. From President Reagan to George W. Bush, my goal has been to represent my constituents and my district's conservative viewpoint," Oxley said. "I have so many friends here who have given me support and encouragement over the years, and we've achieved great things as a team. There comes a time to move on, but I am incredibly optimistic about our district and nation." Of late, Oxley is best known for the Sarbanes-Oxley Act, which targeted corporate ethics reform in the wake of numerous accounting scandals. "What the law really does is enshrine the principles of honesty and accountability that I learned growing up in Ohio," said Oxley. "You never get in trouble by doing the right thing." Though the law does not cover credit unions, it has influenced stricter standards. Credit unions have had a pretty good working relationship with the chairman of the committee that has a great deal of control over credit union issues like regulatory relief, data security, and deposit insurance reform just to name a few. "While he has been chairman of the Financial Services Committee, it has seemed that the committee was ever-moving forward, working to address key issues in the financial services industry," CUNA Senior Vice President of Governmental Affairs John McKechnie said. "Importantly, Chairman Oxley has always worked to keep credit unions in the process as evidenced by his readiness to include credit unions in the financial services regulatory relief legislation. We look forward to working with him over the last year or so of his tenure, and appreciate greatly the opportunities and support he has offered to the credit union movement." rior to joining the U.S. Congress, Oxley served in the Ohio General Assembly.