WASHINGTON -- Merging the agencies that regulate financial institutions was declared a top priority Tuesday by both the Senate and House banking committee chairmen.

The existing system "is costly, burdensome, inefficient, archaic. and must be reengineered and modernized," Senate Banking Committee Chairman Donald W. Riegle said. "Now is the time to address this issue head on."

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.