Costs and benefits of corporate transparency

Michael Oxley, Vice Chairman, NASDAQ, Chairman, U.S. House Financial Services Committee 2001 – 2006, Member, U.S. House of Representatives 1981 - 2007

1944 - Born in Ohio, US
1966 - Graduates, Miami University, Oxford, Ohio
1969 - Receives his law degree, Ohio State University College of Law, Columbus, Ohio
1969 - Joins Federal Bureau of Investigation
1972 - Member, Ohio State House of Representatives
1981 - Member, U.S. House of Representatives
2001 - Chairman, U.S. House Financial Services Committee
2007 - Retires from U.S. Congress

Paul Sarbanes, Chairman of the U.S. Senate Banking Committee 2001 - 2006

1933 - Born in Salisbury, Maryland
1954 - Graduates, Princeton University
1954 - Attends Balliol College, Oxford, England
1960 - Graduates, Harvard Law School
1960 - Admitted to the Maryland bar
1960 - Law clerk, United States Court of Appeals, Fourth Judicial Circuit
1961 - Legislative draftsman, Maryland Department of Legislative Reference, Maryland General Assembly
1962 - Administrative assistant to chairman, President’s Council of Economic Advisers
1963 - Executive Director, Charter Revision Commission of Baltimore City
1967 - Member, Maryland House of Delegates
1970 - Elected as a Democrat to the ninety-second Congress
1976 - Elected to the United States Senate
2001 - Chair, Joint Economic Committee, Committee on Banking, Housing, and Urban Affairs

They introduced a law in the U.S. aimed at transforming the way businesses operate.  President Bush described the legislation as "the most far-reaching reform of American business practices since the time of Franklin D. Roosevelt". But can the experience of these reforms be useful to Russia?

Our guests today drafted the changes. They are: Michael Oxley, a Non-executive Vice Chairman of NASDAQ, former Chairman of the U.S. House Financial Services Committee and former Member of the U.S. House of Representatives, and Paul Sarbanes, Former chairman of the U.S. Senate Banking Committee.