Rep. Michael Oxley, R-Ohio, and chair of the House Financial Services Committee, whose surname represents half of the most famous hyphenate in the history of accounting reform, will retire from the House after 25 years in Congress.
Term limits will force Oxley, 61, to give up the FSC chairmanship at the end of 2006, and he said that prompted his decision to retire at the expiration of his term in January 2007.
Oxley became chairman of the FSC when in 2000 when it was formed as an offshoot of the House Banking Committee. Oxley spearheaded a House investigation into failed energy giant Enron Corp., and later that year, his corporate reform bill was consolidated with one drafted by Sen. Paul Sarbanes, D-Md., to become the Sarbanes-Oxley Act, which was signed into law in July 2002.
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