Paul Sarbanes, Longtime Senator From Maryland And Financial Reformer, Dies At 87

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Former Sen. Paul Sarbanes, seen during a 2005 reception in Baltimore, died Sunday. Sarbanes represented Maryland for more than three decades, first as a member of the House and then as a senator.

Matthew S. Gunby/AP

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Matthew S. Gunby/AP

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So, under the Sarbanes-Oxley Act of 2002, Sarbanes and his Republican co-author, Rep. Michael Oxley of Ohio, overhauled federal financial regulations and set up an independent oversight board aimed at combating shady accounting practices. The law signed by President George W. Bush later survived a Supreme Court challenge, albeit with a few changes.

In a statement Monday, House Speaker Nancy Pelosi described the 2002 law as «landmark legislation that to this day helps hold bad financial actors accountable for fraud and abuse: a powerful testament to his commitment to working people that leaves an enduring legacy.

The son of Greek immigrants, Sarbanes attended public schools and went on to Princeton University, Oxford University as a Rhodes scholar and Harvard Law School.

Sarbanes decided to retire rather than seek a sixth term in the 2006 election. His wife of 48 years, Christine, died in 2009.

John Sarbanes, who now represents the Maryland congressional district that once elected his father, said the family plans to hold a private service «following state, local and public health guidance amid the COVID-19 pandemic.