Two former US Securities and Exchange Commission (SEC) regulators have told IFLR they were hopeful of a possible congressional move during the drafting of Dodd-Frank to integrate the SEC and Commodity Futures Trading Commission (CFTC) into one regulator.
However those talks have ended, and a rule finalised by the CFTC on February 9 serves as yet another example of US bifurcated regulation.
There is a house committee overseeing the SEC and a house committee overseeing the CFTC, said a former SEC regulator, preferring to remain anonymous. It is difficult to get the political will to do this because both committees want to continue their oversight.
A former SEC commissioner pointed to the...