Philip McBride Johnson argues against the proposal to merge the SEC and CFTC.
The Environmental Protection Agency and the Federal Energy
Regulatory Commission in the United States share a common
interest in energy, one to minimize its polluting effect and
the other to promote fair practices and stable growth. Let's
That idea, but involving the Securities and Exchange
Commission and the Commodity Futures Trading Commission, has
been proposed (again!) by two members of the US Congress with
roughly the same level of analysis. Luckily, one of the
sponsors will leave the Congress this year and will have little
to do with the ultimate outcome. This is good because the
outcome, if successful, would be ugly.
We wish Congressman Barney Frank every success in his next
endeavor. If he is lucky like his co-author of the Dodd-Frank
Act, Senator Chris Dodd who secured the presidency of the
Motion Picture Association of America after inserting a ban
against movie box office receipt derivatives in that
legislation, Rep. Frank will prosper.
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