Oxley Passes Reg Relief Torch to Hensarling

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In what likely will be his final appearance at GAC, House Financial Services Committee Chair Mike Oxley (R-OH) passed the regulatory reform torch to Rep. Jeb Hensarling, calling him the "new hero on reg relief."

Oxley has said he is planning to retire after the 109th Congress, but vowed to continue to work on reg relief and urged credit unions to take up the reg relief fight at least as strongly as the fight to gain co-sponsors for the Credit Union Regulatory Improvement Act (CURIA).

Oxley nearly threw the GAC faithful-who were itching to give the retiring lawmaker a standing ovation the way they did for anyone and everyone who voiced support of the tax exemption-when he said he specifically wasn't going to talk about the November House Ways & Means Committee on the CU tax exemption.

Just when GACers must have been thinking they'd need to come up with some other excuse to shower Oxley with praise, he added that the reason he wasn't going to talk about it was because, "there's no support for changing the tax-exempt status in the Administration."

Oxley also brought up HR 3997, which is aimed at identifying data protection solutions to guard against identity theft.

He closed saying, "I have enjoyed immensely my time as chairman and my interaction with this group...it's been an honor and a privilege to serve with you and for you." (c) 2006 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

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