Financial Market Regulation: Benefits and Risks of Merging SEC and CFTC
(Testimony, 05/03/95, GAO/T-GGD-95-153).

This testimony discusses the Markets and Trading Reorganization and
Reform Act--H.R. 718.  GAO strongly believes that Congress needs to
modernize the financial services regulatory system. H.R. 718 seeks to
improve the effectiveness and the efficiency of financial services
regulation by merging the Securities and Exchange Commission and the
Commodity Futures Trading Commission, the two agencies that regulate
U.S. domestic equity and futures markets. Although GAO believes that
this is a logical step for Congress to consider as part of its
continuing modernization effort, Congress must ultimately decide whether
the potential benefits of a merger outweigh the risks.  GAO briefly
discusses the major benefits and risks that Congress needs to consider.
GAO also discusses specific issues related to H.R. 718 that Congress
should address if it proceeds with the merger.

--------------------------- Indexing Terms -----------------------------

 REPORTNUM:  T-GGD-95-153
     TITLE:  Financial Market Regulation: Benefits and Risks of Merging 
             SEC and CFTC
      DATE:  05/03/95
   SUBJECT:  Independent regulatory commissions
             Federal agency reorganization
             Proposed legislation
             Securities regulation
             Commodities exchanges
             Brokerage industry
             Cost control
             Agency missions
             Jurisdictional authority
             Interagency relations
IDENTIFIER:  Markets and Trading Reorganization and Reform Act
             
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