Rep. Oxley to Retire at End of 2006

November 2, 2005

Rep. Michael G. Oxley (R-Ohio), Chairman of the U.S. House Financial Services Committee announced yesterday that he will not seek re-election in 2006.

Oxley will retire from Congress at the end of his current term, completing 25 years of service in Congress and a total of 33 years in elected office. Oxley was serving in the Ohio General Assembly when he won a special election for the Fourth Congressional District seat in 1981.

“It has been an extraordinary privilege to serve the people of the Fourth District in Washington. From President Reagan to George W. Bush, my goal has been to represent my constituents and my district’s conservative viewpoint,” Oxley said.

The Independent Insurance Agents & Brokers of America CEO Robert A. Rusbuldt, who has worked with Chairman Oxley over the years, called him a “giant” for independent insurance agents and brokers, and the financial services industry, due to his legislative and leadership abilities, among other qualities.

Oxley, currently serving his 12th term, has been at the forefront of many important pieces of insurance and financial services legislation over the years, including Sarbanes-Oxley, Gramm-Leach-Bliley, and the Terrorism Risk Insurance Act (TRIA), and has actively worked with Subcommittee Chairman Richard Baker (R-La.) to craft the State Modernization and Regulatory Transparency (SMART) Act. The Big “I” presented him with their Gerald Solomon Legislator of the Year Award in 2001.

“He has been a tremendous leader for policyholders, independent agents and the entire insurance marketplace, from the passage of TRIA and the development of the SMART Act to issues as broad as privacy,” said Charles E. Symington Jr., Big “I” senior vice president for government affairs and federal relations. “Chairman Oxley has always considered the real-world implications and applications of legislation.”

Insurers also hailed Oxley’s legislative achievements for the industry.

“Whether addressing regulatory reform, corporate accountability, accuracy and access to credit histories, or a financial safety net for terrorism losses, Chairman Oxley showed a true understanding of insurance issues and a desire to develop free market solutions for both the industry and consumers,” said Property Casualty Insurers Association of America President and CEO Ernie Csiszar. “It has been a great privilege to work with Chairman Oxley for so many years. I wish him well on his retirement.”

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