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Former Rep. Mike Oxley, instrumental in TRIA, dies at 71

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Former Rep. Mike Oxley, R-Ohio, co-author of the Sarbanes-Oxley Act and a key player in the creation of the federal government's terrorism insurance backstop, died New Year's Day at the age of 71.

According to the Washington Post, Rep. Oxley, who served as chairman of the House Financial Services Committee from 2001 to 2007, died of a non-small cell lung cancer, a type of lung cancer seen in nonsmokers.

As chairman of the House Financial Services Committee, Rep. Oxley worked with Sen. Paul Sarbanes, D-Md., after the collapse of Enron Corp. to craft legislation to prevent corporate fraud that mandated a number of reforms to enhance corporate responsibility, enhance financial disclosures and combat corporate and accounting fraud. President George W. Bush signed the Sarbanes-Oxley Act into law on July 30, 2002.

Rep. Oxley was also instrumental in crafting the Terrorism Risk Insurance Act of 2002, which created the federal government's terrorism insurance backstop after the terrorist attacks on New York's World Trade Center and elsewhere on Sept. 11, 2001.

Mr. Oxley, who was first elected to the House in 1981, retired from Congress in 2007.