Rep. Barney Frank, D-Mass., who is retiring in a few weeks, and another Massachusetts Democrat, Michael Capuano, have introduced a bill that would merge the Securities and Exchange Commission and the Commodity Futures Trading Commission, Reuters reports. A House Financial Services committee report earlier this month on the collapse of MF Global had criticized regulators' oversight of the brokerage, including what it said was poor communication between the SEC and the CFTC, and suggested considering a merger of the two.
"The existence of a separate SEC and CFTC is the single largest structural defect in our regulatory system," Frank said in a statement.
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