Statement of The Honorable Michael G. Oxley Of Counsel, Baker Hostetler

WASHINGTON, March 31 /PRNewswire-USNewswire/ -- The Treasury blueprint is the first take on an effort that is likely to transform the financial regulatory structure for the 21st Century. It is a thoughtful, forward-looking approach that recognizes changing markets and changing times.

The structure that has emerged over much of the 20th Century has been something of a Rube Goldberg affair. If you look at the history, you see a regulatory lurch each time we took a punch in the gut from a scandal.

The challenge for all involved will be to leave behind the simplistic notions of more or less regulation being weaker or stronger. Our challenge will be to think in a new way and to create oversight that is nimble and efficient.