U.S. House Democrat Barney Frank is making one final push to revamp the financial regulatory structure with his retirement just weeks away, revisiting an idea to merge two agencies that has had little traction with fellow lawmakers in the past.
On Thursday, Frank and fellow Massachusetts Democrat Michael Capuano introduced a bill that would combine the Securities and Exchange Commission and Commodity Futures Trading Commission, which already overlap in overseeing derivatives and some other kinds of exchange-traded products.
Republican House members earlier this month also suggested such a merger could help to avoid regulatory lapses that contributed to the failure of commodities brokerage MF Global, but congressional turf battles have kept such a measure from advancing.
"The existence of a separate SEC and CFTC is the single largest structural defect in our regulatory system," Frank, the ranking Democrat on the House Financial Services Committee, said in a statement.
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