During Thursday’s House hearing, SEC Chairman Christopher Cox responded to attempts to blame the agency’s lax regulation for the current economic malaise by suggesting that maybe the SEC should merge with another oversight agency: the Commodity Futures Trading Commission.
WSJ: Securities and Exchange Commission Chairman Christopher Cox said he strongly supports merging his agency with the Commodity Futures Trading Commission.
Former SEC chiefs have promoted closer collaboration between the agencies, or an SEC takeover of the CFTC, which regulates the futures markets, but it was the first time that Mr. Cox has called for a merger.
His endorsement came during a tense House Oversight Committee hearing where lawmakers sought to hold Mr. Cox, former Federal Reserve Chairman Alan Greenspan and former Treasury Secretary John Snow accountable for lax regulation leading up to the financial crisis. Congressional leaders are aiming to overhaul oversight.
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