United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office General Government Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1995-05-03 monographic deposited born digital GA 1.13:T-GGD-95-153 https://www.govinfo.gov/app/details/GAOREPORTS-T-GGD-95-153 P0b002ee18038a3b7 f:tgg95153 DGPO 2010-08-12 2011-03-28 GAOREPORTS-T-GGD-95-153 machine generated eng fdlp REPORT GAOREPORTS-T-GGD-95-153 T-GGD-95-153 Independent regulatory commissions Federal agency reorganization Proposed legislation Securities regulation Commodities exchanges Brokerage industry Cost control Agency missions Jurisdictional authority Interagency relations Markets and Trading Reorganization and Reform Act Testimony GGD 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. https://www.govinfo.gov/content/pkg/GAOREPORTS-T-GGD-95-153/html/GAOREPORTS-T-GGD-95-153.htm GAO/T-GGD-95-153 https://www.govinfo.gov/app/details/GAOREPORTS-T-GGD-95-153 Testimony GAO/T-GGD-95-153; Financial Market Regulation: Benefits and Risks of Merging SEC and CFTC; Independent regulatory commissions Federal agency reorganization Proposed legislation Securities regulation Commodities exchanges Brokerage industry Cost control Agency missions Jurisdictional authority Interagency relations Markets and Trading Reorganization and Reform Act