KGO/ABC News Radio: Potential Financial Regulation
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, was featured on KGO Newstalk Radio, San Francisco (ABC Radio Network), on September 27, 2009, discussing the possible options for the future of financial reform.
Oxley said that while he expects Congress to put in place some type of reform, he does not expect the Federal Reserve will be given the power to enforce any reforms. "I think the first thing you need to do," said Oxley, "is create what I call a risk overseer--some entity at 30,000 feet that can take a look at the overall system and try to determine what may be some problems within that system that the regulators can't find . . . and then turn over the findings to the particular regulator, the functional regulator. I think if we had had some entity like that, there was a pretty good likelihood we could have nipped a lot of this in the bud."