Michael Oxley, former Congressman, Chairman of the House Financial Services Committee and co-author of the landmark Sarbanes-Oxley Act of 2002, was featured on a March 16, 2010, CNBC-TV India segment, discussing the recently proposed regulatory reform bill introduced by Senator Christopher Dodd.
The bill proposes a greatly expanded role in financial regulation by the Federal Reserve and would give the it the power to break up big firms that could threaten the stability of the financial system if they suffered serious problems. The Fed would also gain authority over the nation's largest bank-holding companies and become the home to a new consumer watchdog with oversight on mortgage-related businesses and some large nonbank financial firms, such as insurers.
According to Oxley, "Our structure of regulation in the United States is woefully inadequate. After all, it was written, basically, during the Great Depression in the 1930s . . . a lot of things have changed and it's important that we provide a framework for regulation that fits the 21st century model . . . overall, Chairman Dodd has reached a good conclusion here, dealing with issues that are of paramount importance."
Watch the full interview of Mr. Oxley below.