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Oxley touts Reg Relief at Congressional Caucus

WASHINGTON-House Financial Services Committee Chairman Mike Oxley (R-Ohio) encouraged credit unions that the fight has just begun in getting the Financial Services Regulatory Relief Act through the lawmaking process. Though Representative Shelley Moore Capito (R-W.V.) introduced the bill, Oxley has been the key player shepherding the bill, H.R. 3951, through...

By Sarah Snell Cooke | Updated on October 01, 2002

WASHINGTON-House Financial Services Committee Chairman Mike Oxley (R-Ohio) encouraged credit unions that the fight has just begun in getting the Financial Services Regulatory Relief Act through the lawmaking process. Though Representative Shelley Moore Capito (R-W.V.) introduced the bill, Oxley has been the key player shepherding the bill, H.R. 3951, through the House. “It’s a solid piece of legislation that has bipartisan support. We need to push that across the goal line,” he commented. Of the bankers’ opposition to the credit union provisions of the bill, Oxley told reporters, “It’s not an issue.” Instead he laid the blame with current events, “We may just be a little bit behind the curve on that one for a lot of reasons. We just got sidetracked on some issues like Enron and WorldCom and 9/11 last year.” The Senate has yet to act on regulatory relief, though Senator Richard Shelby (R-Ala.) is reported to be considering it. [email protected]

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