Calling current regulation of the banking industry "duplicative, inefficient, and costly," House Banking Committee Chairman Henry B. Gonzalez proposed a bill in March to combine the five federal regulatory agencies into one - now commonly called the superregulator.

The Regulatory Consolidation Act of 1993 would consolidate the regulatory functions of the Office of the Comptroller of the Currency, the Federal Deposit. Insurance Corp., the Federal reserve, and the Office of Thrift Supervision into a Federal Banking Commission.

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