Reps. Barney Frank and Michael Capuano, both Democrats from Massachusetts, introduced legislation that would combine the Commodity Futures Trading Commission with the Securities and Exchange Commission. Republican House members recently suggested that the move would help prevent regulatory lapses. However, the change faces significant obstacles. "The existence of a separate SEC and CFTC is the single largest structural defect in our regulatory system," Frank said. "Unfortunately, this is deeply rooted in major cultural, economic and political factors in America."
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