U.S. Rep. Michael Oxley, R-Ohio, has been chosen to head a newly formed committee with broad oversight in the banking, securities and insurance industries. The new Financial Services Committee was created to end a lengthy battle between Oxley and Billy Tauzin, R.-Louis., for the Commerce Committee chair. It replaces the Banking Committee and shifts securities and insurance-related duties from the Commerce Committee.
“We applaud the decision of the House Republican Conference in selecting Mike Oxley as the chair of the new Financial Services Committee,” said Pam Allen, National Association of Mutual Insurance Companies vice president-federal affairs.
“He demonstrated effective leadership with his stewardship of the financial services reform legislation through the last Congress. “He is an excellent choice for chairman of a new committee that will have issues that overlap the three industries of securities, banking and insurance. No doubt, there will be many complex problems to solve as the financial services industry becomes increasingly global in nature. NAMIC looks forward to working with Chairman Oxley and the members of his new committee,” Allen said.