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