Press Release - Oxley Marks End-of-Session Legislative Accomplishments

Oxley Marks End-of-Session Legislative Accomplishments

WASHINGTON -- U.S. Representative Michael G. Oxley (R-Findlay) cited the passage of anti-terrorism legislation and a number of bills from his committee as major accomplishments as the House wrapped up its fall session. The session is expected to end this evening.

"We're sending a bill to the President that will allow for the continued interrogation of terrorists," Oxley said. "The intelligence we've obtained from terrorist masterminds like Khalid Sheikh Mohammed has prevented new terrorist strikes."

The military tribunals bill was set as a priority by Congress heading into September. The House also passed legislation governing the electronic surveillance of terrorist communications.

"I think the President has the authority to operate this terrorist surveillance program, but Congress is trying to remove any questions about it," Oxley said. He said he hoped the House and Senate would agree on a final package soon.

Oxley added that the defense spending bill cleared by Congress earlier this week will provide additional support to troops on the front lines of the war on terror. The bill includes $1.5 billion for tank work at the Joint Systems Manufacturing Center in Lima.

A separate defense bill being prepared for the President's signature includes $109.2 million for the Joint Cargo Aircraft (JCA) program. The 179th Airlift Wing of the Ohio Air National Guard, located in Mansfield, is slated to receive a JCA mission in the next several years.

In one of his final appearances on the House floor as Financial Services Committee Chairman, Oxley won House passage of ten bills this week. He said that consumers will benefit from a bill eliminating outdated regulations imposed on banks and credit unions.

"Many of these were provisions that the regulators themselves said were no longer necessary. Needless paperwork raises costs, and customers end up paying the bill," Oxley said of legislation he has been working on since the beginning of his chairmanship. The measure now goes to the President.

Also cleared for the President was a bill to increase competition among credit rating agencies. Oxley called the legislation a logical follow-up to the Sarbanes-Oxley corporate accountability act. President Bush signed it into law Friday afternoon.

"Investors look to credit rating agencies to provide solid assessments of a company's financial condition," Oxley said. "I hope this will increase the number of watchdogs on the block."

A third bill protects members of the military from deceptive sales practices. Oxley's committee learned that young soldiers were being pitched expensive financial products out of line with their income levels. President Bush also signed this legislation on Friday in the Oval Office.

Although Oxley is not running for re-election, he said that his legislative work for the year is not over yet.

"There will be a lame duck session after the election to wrap up budget issues, and I still have committee bills I'd like to push over the goal line. So retirement isn't on the horizon yet," he said.

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