WASHINGTON — Reps. Barney Frank and Mike Capuano have introduced a bill to combine the Securities and Exchange Commission and the Commodity Futures Trading Commission, calling the existence of the two separate agencies a "structural defect."

The legislation sponsored by the two Massachusetts Democrats comes on the heels of a report issued by Republicans on the House Financial Services Committee looking at the downfall of brokerage firm MF Global that suggested combining the two agencies. The report cited the agencies' "apparent inability" to coordinate leading up the collapse of the firm. Democrats on the banking panel, including Frank and Capuano, did not sign on to the report, citing insufficient time to review it.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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