Business Services Industry
Insurers to lose key lawmaker with Oxley retirement; Industry lobbyists hail work of Financial Services Committee chair.(News)
Business Insurance, November, 2005 by Hofmann, Mark A.
Byline: MARK A. HOFMANN WASHINGTON-Insurance industry lobbyists are hailing the first chairman of the House Financial Services Committee as a leader who brought revolutionary change to Capitol Hill before deciding to retire from Congress at the end of his current term. Rep. Michael G. Oxley, R-Ohio, announced last week that he would not seek re-election next year to the seat he has held since 1981.
He was named chairman of the then newly created Financial Services Committee in 2001. Since then, Rep. Oxley has won plaudits for his efforts to reform state insurance regulation, as well as to create-through the Terrorism Risk Insurance Act-a federal financial backstop for insurers for losses from future catastrophic terrorist attacks. He is also co-author...
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