Securities and Exchange Commission Chairman Mary Schapiro said today a merger between her agency and the Commodity Futures Trading Commission could be a logical move towards improving efficiencies.
In testimony today before the Senate Appropriations Subcommittee on Financial Services, Schapiro acknowledged that that two agencies "can do a better job" of working together, The Wall Street Journal reported. Schapiro used to serve as chairman of the CFTC, which regulates commodity futures and option markets in the United States.
"I have argued both for and against a merger over the years," Schapiro said. "There is a logic and efficiency that can be achieved in the merger of the two agencies."
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The Wall Street Journal said a White House document released today suggested a merger of the SEC and CFTC as one piece of a proposed overhaul of other regulatory agencies.
In her prepared remarks, Schapiro said both agencies have been working with the Treasury Department to fill regulatory gaps to help increase transparency and minimize risks associated with certain derivative products including credit default swaps. She said she looks forward to also working with Congress "to make the necessary legislative changes to ensure that these markets and market participants are appropriately regulated."
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