<p>WASHINGTON – Rep. Michael Oxley (R-OH), Chairman of the House Financial Services Committee, told the 2002 CUNA GAC that he anticipates debating and passing a financial accounting board which is independently funded and run by the Securities and Exchange Commission as part of the fallout from the Enron scandal. He also predicted a 50% rise in the SEC’s budget for enforcement. Oxley described Enron’s impact on the Committee as making him feel that they had become an “all Enron all the time” committee and suggested that America might see a new exclusive cable television channel set up to carry nothing but coverage from the various Enron hearings. He reviewed briefly the major tenets of the Committees regulatory relief proposal that applied to credit unions along with deposit insurance reform. “Passing this legislation depends on what you do,” he told the attendees and asked them to continue their support.</p>

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