Michael G. Oxley Statement 01/05/16

FAF STATEMENT ON THE PASSING OF
THE HONORABLE MICHAEL G. OXLEY


Norwalk, CT—January 5, 2016—The Financial Accounting Foundation (FAF) today issued the following statement in response to the passing of former U.S. Representative Michael G. Oxley:

The members and staff of the Financial Accounting Foundation, the Financial Accounting Standards Board (FASB), and the Governmental Accounting Standards Board (GASB) offer our deepest condolences to the family, friends, and colleagues of Michael G. Oxley.

During his twenty-five years in Congress, and as chair of the House Financial Services Committee, Mr. Oxley fought for greater accountability in financial reporting. As co-sponsor of the groundbreaking Sarbanes-Oxley Act, he led the way in securing important investor protections against fraud and other financial wrongdoing.

Mr. Oxley believed in the importance of an independent standard setting process, and was a strong supporter of our organizations. He will be remembered for his integrity, insight, and contributions to making our capital markets fairer and more transparent for all participants.


About the Financial Accounting Foundation

Established in 1972, the Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). The FASB and GASB establish and improve financial accounting and reporting standards – known as Generally Accepted Accounting Principles, or GAAP – for public and private companies, not-for-profit organizations, and state and local governments in the United States. For more information, visit www.accountingfoundation.org.