Nasdaq Names Michael Oxley as Vice Chairman

Nasdaq Stock Market on Thursday named former Rep. Michael Oxley as a non-executive vice chairman of the world's largest electronic exchange to oversee the Nasdaq's relations with its listed companies and advise it on public policy issues.

In an interview with CNBC's Dylan Ratigan, Oxley said that he wants "to be an ambassador for Nasdaq, with their listed companies".

Oxley, an Ohio Republican who served 25 years in Congress, was one of the main drivers behind corporate reform laws. The Sarbanes-Oxley Act, passed in 2002 in the aftermath of accounting scandals at companies including Enron and Worldcom, imposed tough new standards on public companies.

The Nasdaq and New York Stock Exchange have in the past criticized the Sarbanes-Oxley Act for making it too difficult for companies to do business in the U.S. In some instances, the exchanges believe it is a deterrent for foreign companies to list here.