Officials of the Commodity FuturesTrading Commission (CFTC) said merging the agency with the
Securities and Exchange Commission (SEC) would not help
regulation of commodities and securities markets.
    "I don't think that a merger would solve regulatory
problems," CFTC chairman Susan Phillips told the House
Subcommittee on Conservation, Credit and Rural Development.
    "I think what does solve our problems would be working with
other agencies in a strong capacity," she said in response to a
question. "We don't want agencies to trample on our
jurisdiction either."
    CFTC Commissioner Fowler West said, "We ... do not have the
expertise to regulate securities markets. I don't think the SEC
has the expertise to regulate the futures markets."
    Increased attention to price volatility in stock index
futures markets and reports of alleged futures trading abuses
have raised concerns Congress may adopt a radically different
regulatory structure for securities and futures markets.
    Rep. John Dingell (D-Mich.), chairman of the House Energy
and Commerce Committee, which has jurisdiction over securities
regulation, has said he will hold hearings on the questions of
market volatility and alleged trading abuses.
 Reuter
