After serving 25 years in Congress, Rep. Michael Oxley, chairman of the powerful House Financial Services Committee and an Ohio Republican, said Tuesday that he will not seek re-election in 2006.

Oxley and Sen. Paul Sarbanes, D-Md., who is also retiring at the end of his term, wrote 2002′s Sarbanes-Oxley Act, which requires corporate America to become more transparent and accountable to investors. The landmark legislation was enacted in reaction to a string of scandals at Enron Corp., WorldCom Inc. and other major companies.

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