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Former U.S. Senator Paul Sarbanes will be awarded the Economics Club of Hampton Road's first Economic Impact Award on Wednesday, Feb. 13.

The ceremony will be held from 5-8 p.m. at Norfolk's Half Moone Cruise and Celebration Center. As part of the event, Sarbanes will deliver a speech, which will be followed by a reception.

The ceremony and reception are complimentary for Economics Club members and $60 for non-members. Table sponsorships are available for $750. Due to limited space, reservations are required and may be made by calling 683-5138.

The Economics Club of Hampton Roads' annual Economic Impact Award was created to recognize those who have made a significant contribution to the development and practice of sound economic and financial policy.

Sarbanes, a Democrat, represented Maryland in the U.S. Senate for 30 years and is most widely known for his co-sponsorship of the Sarbanes-Oxley Act, also known as the Public Company Accounting Reform and Investor Protection Act. According to Maria Zammit, chair of the Economics Club Special Events Committee, Sarbanes' legislative work made him an ideal choice to be the first recipient of the Economic Impact Award.

"Senator Sarbanes was an obvious candidate because of the far-reaching effects of Sarbanes-Oxley, which was landmark legislation designed to ensure transparency and accounting reform, particularly in the wake of past corporate malfeasance such as the Enron, WorldCom, Tyco and Arthur Anderson scandals," she said.

A native of Maryland, Sarbanes graduated from Princeton University in 1954; was a Rhodes Scholar at Oxford University from 1954-57; and graduated from Harvard Law School in 1960. He was admitted to the Maryland bar in 1960 and began practice in Baltimore.

Sarbanes has an extensive record of public service, beginning as a law clerk for the U.S. Court of Appeals, Fourth Judicial Circuit Court. He served in the U.S. House of Representatives from 1970-76, and in the Senate from 1976 to 2006, where he was on a number of congressional committees, including the Joint Economic Committee and the Committee on Banking, Housing and Urban Affairs. Sarbanes chose not to run for reelection in 2006.

Lead sponsors of the Economic Impact Award ceremony are the Economics Club of Hampton Roads, Cherry, Bekaert & Holland, Kaufman & Canoles, KPMG and Williams Mullen.

The Economics Club of Hampton Roads is an organization for business and government executives and community leaders who share an interest in the practical implications of economic principles, trends and events. It was established in 1991 as a community service by Old Dominion University, and is administered by the dean of the College of Business and Public Administration, Nancy A. Bagranoff.

This article was posted on: February 8, 2008

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