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The Consumer Federation of America said financial services should be regulated by what they do, not who they are.

Speaking at an SEC and Commodity Futures Trading Commission Sept. 2 public meeting on the harmonization of market regulation, CFA Director of Research Mark Cooper said he supports identifying steps to close gaps and conflicts between the two agencies including adopting “the approaches of the agency whose statutes and practices are better suited to get the job done.” However, financial services reform within all agencies should stem from accountability and effective oversight.

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