BOCA RATON, Fla. -- Commodity Futures Trading Commission member Sheila Bair said yesterday that a proposed merger between her agency and the Securties and Exchange Commission would be counterproductive.

"I just think the SEC and the CFTC have so much on their platters right now and a fight over merging the agencies would be so diverting," Bair said in an interview here, where she was a speaker at the Securities Industry Association's annual conference.

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