Bloomberg TV: Obama's Regulatory Overhaul
Washington, D.C., Of Counsel Michael Oxley, former Congressman and Chairman of the House Financial Services Committee, appeared on Bloomberg TV on March 26, 2009, discussing proposed financial regulatory reform.
Asked if he thought there was consensus among Democrats and Republicans that major regulatory changes are needed, Oxley said, "Yes. The details are critical here, but clearly there is a movement towards a different regulatory regime. I think, on the other hand, that the effort may very well be more towards transparency, as opposed to over-regulation, at least that's what I keep hearing about. I support that—I think it makes a lot of sense."
Commenting on whether he believed registration of hedge funds, private equity firms and venture capital funds would be part of the regulatory overhaul, Oxley said, "Clearly the reformers have the wind at their backs here, there's no question about it, given what's happened over the last several months . . . the thought would be . . . [that] the members of the committee will take a good hard look at this and not rush to judgment. But clearly there is a strong feeling out there, even in some of those communities—the hedge funds, private equity—that something was amiss here."