NPR's "Morning Edition": Money, Power Serve Up Alphabet Soup Of Regulators
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 a guest on NPR's "Morning Edition" program on September 15, 2009, for the segment, "Money, Power Serve Up Alphabet Soup Of Regulators."
According to the program, Democrats and Republicans are set to spend much of the fall battling over regulatory reform. One of the things the two parties do agree on is that solving the problem by simply merging some of the regulators will never happen. According to the article, much of the current financial crisis is linked to the strange financial products that fell between the cracks of the SEC, which oversees stocks and the CFTC, which oversees stock futures "or their kin."
According to the program, current Chairman of the House Financial Services Committee, Rep. Barney Frank, believes there should only be one entity overseeing both markets, but knows it will be "politically impossible to put the two together." Commenting on Frank's remarks, Oxley said, "Barney doesn't want to fight that fight. He saw what I went through and he figured it's just not worth it and I think he's probably right."
Click to listen to the full interview with Oxley from the NPR website.