MICHAEL OXLEY Meaning and
Definition
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Michael Oxley was an American politician who served as a member of the U.S. House of Representatives from 1981 to 2007. He was born on February 11, 1944, in Findlay, Ohio, and passed away on January 1, 2016. Oxley was a member of the Republican Party and represented Ohio's 4th congressional district.
However, Michael Oxley is perhaps best known for his legislative accomplishments, particularly the Sarbanes–Oxley Act of 2002. This act, also known as the Public Company Accounting Reform and Investor Protection Act, is a federal law that introduced significant reforms to corporate governance and financial reporting practices in the United States. It was crafted in response to corporate accounting scandals, such as the Enron and WorldCom incidents, which severely damaged investor confidence and shook the financial markets.
The Sarbanes–Oxley Act, co-authored by Michael Oxley and Senator Paul Sarbanes, established new standards for financial accountability, transparency, and reporting in public companies. It created the Public Company Accounting Oversight Board (PCAOB) to oversee auditing firms, mandated increased disclosure of financial information, and imposed stricter regulations on corporate governance, internal control systems, and the independence of auditors. Oxley's efforts in enacting this legislation were widely recognized and he became a leading figure in the realm of financial oversight and regulation in the United States.
Overall, Michael Oxley left a significant impact on American corporate governance and financial reporting through his influential political career and his instrumental role in the passage of the Sarbanes–Oxley Act.
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Etymology of MICHAEL OXLEY
The name "Michael Oxley" does not have an etymology as it seems to be a combination of two personal names. "Michael" is a male given name of Hebrew origin meaning "who is like God", and "Oxley" is a surname of English origin.
