Former U.S. Sen. Paul Sarbanes, Co-Author of Anti-Fraud Act, Dies at 87

Former U.S. Sen. Paul Spyros Sarbanes, who co-wrote the anti-fraud Sarbanes-Oxley Act, has died at 87, Bloomberg reported.

Sen. Paul Spyros SarbanesSen. Paul Spyros Sarbanes

Due to the COVID-19 pandemic, the family will hold a private service soon.

Sarbanes – a Maryland Democrat – served 30 years in the U.S. Senate. During that time, he served as Senate Banking Committee chairman.

The 2002 Sarbanes-Oxley Act created the first accounting oversight board after the Enron- and WorldCom-bankrupting corporate fraud, “subjecting a previously self-regulated industry to independent oversight for the first time,” Bloomberg reported.

Sarbanes held a bachelor’s degree from Princeton University and later graduated from Harvard Law School in 1960. He served as a Maryland legislator from 1967 to 1971, then serving in the U.S. House and later serving in the U.S. Senate.