The Rudman Center Hosts Congressman Mike Oxley
The Rudman’s Center Fiscal Responsibility Institute
Launches its Speaker Series Featuring Congressman Mike Oxley
On October 4, 2013, the Warren B. Rudman Center for Justice, Leadership and Public Policy in collaboration with the University of New Hampshire’s Peter T. Paul College of Business and Economics, will launch the Fiscal Responsibility Institute bi-annual speaker series featuring former Congressman Mike Oxley.
Oxley, a leader in transparency and accountability in the financial sector through legislative and regulatory reform, will discuss “The Ties That Bind: Fiscal Responsibility and Private Sector Economic Crises.” A question-and-answer session will be held after the talk.
Oxley was a U.S. representative from 1981 to 2005. He served as the chairman of the Committee on Financial Services and was House sponsor of the Sarbanes-Oxley Act of 2002, which enacted "sweeping post-Enron regulations of publicly traded companies."
Traditionally, fiscal responsibility referred to balancing government outlays with incoming revenue, paying for the costs of wars, and providing for long-term social program commitments affected by changing demographics. The strength of the economy has always had a direct effect on government revenue, and the countercyclical nature of government programs (the need for government assistance is greatest when revenues decline) has been among the most important challenges.
However, increasingly in recent years, government has been called upon to capitalize the private sector as the financier of last resort. Thus, unless the response to the 2008 crisis was an aberration, the distinction between public finance and business finance has become blurred. While Dodd-Frank has begun to limit taxpayer exposure to private sector risk, five years later, extraordinary measures undertaken by the Federal Reserve continue to support the economy. Barring the establishment of a new, bright line between the public and private sectors, the concept of fiscal responsibility must begin to extend to corporate America as well.
The event is free and open to the public. Lunch will be provided. However, seating is limited. To register, please email Rudman.Center@law.unh.edu. For more information, please contact Marin Mathien.