Bloomberg TV's "Money & Politics": Schapiro to Lead SEC
Washington, D.C., Of Counsel Michael Oxley, former Congressman, Chairman of the House Financial Services Committee, and co-author of the Sarbanes-Oxley Act of 2002 (SOX), appeared on the December 21 edition of Bloomberg TV's "Money & Politics" program discussing the appointment of Mary Schapiro as U.S. Securities and Exchange Commission (SEC) Chairwoman.
Asked if he thought Schapiro was the "right pick," Oxley said, "Absolutely the right pick. A superb pick. I've known Mary now for a number of years in various functions . . . I couldn't think of a better choice. She's been confirmed by the senate before, so I don't think confirmation will be an issue . . . she's a 'regulator's regulator,' in the sense that she understands markets. She also understands in terms of what you need regarding smart regulation—not necessarily more regulation, but smarter regulation and more functional regulation—so I think she will bring her experience and leadership to the forefront at the SEC."
Given some of the recent, and detrimental, developments in the financial markets, Oxley was asked if he welcomed the call for more government regulation, or if he was worried the pendulum would swing too far. "I think the folks that are urging a shake-up of the financial regulatory framework have the wind at their backs, clearly," Oxley said. "With recent developments it's just inevitable that you have that, and it takes that kind of public awareness and pressure to bring about that kind of change. Clearly the proponents of a different regulatory structure are really in charge right now."