Ranking House Financial Services Committee Member Frank Introduces Legislation To Merge SEC And CFTC

Thursday, November 29, 2012 21:28
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Ranking House Financial Services Committee Member Frank Introduces Legislation To Merge SEC And CFTC

Tags: Congress | Dodd-Frank | regulation

Rep. Barney Frank (D-MA) is scheduled to retire in a few weeks but not before he introduces another major piece of legislation.
 
The co-author of the Dodd-Frank Act has now introduced a bill to merge the Securities and Exchange Commission (SEC) with the Commodities Futures Trading Commission (CFTC).

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Frank, a ranking member of the House Financial Services Committee, introduced the bill along with Rep. Mike Capuano (D-MA). Both say the separateness of the two bodies is the largest regulatory flaw in the system today.
 
If such a merger had been part of the Dodd-Frank Act, Frank says the Dodd-Frank legislation would never have been passed.
 
Capuano says the merger of the two bodies will continue to advance financial regulatory reform and eliminate gaps that have placed the country’s financial system at risk.
 
The Subcommittee on Oversight and Investigations echoed the recommendation for the merger, referencing the MF Global disaster in saying that the separate status of the agencies made them incapable of sharing vital information with each other.

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