House Financial Services Committee ranking member Barney Frank (D-Mass.) and Rep. Mike Capuano (D-Mass.), the panel’s Oversight Subcommittee ranking member, yesterday introduced a bill that would merge the Securities and Exchange Commission and the Commodity Futures Trading Commission.
“The existence of a separate SEC and CFTC is the single largest structural defect in our regulatory system,” Frank said in a press release. “Unfortunately, this is deeply rooted in major cultural, economic and political factors in America. Had we sought to merge those institutions in the overall financial reform bill, it would almost certainly have caused the defeat of that legislation.”
The new regulator would be called the Securities and Derivatives Commission.
Read the bill.