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.
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.