A bill to merge the Securities and Exchange Commission and the Commodity Futures Trading Commission has been introduced by Reps. Barney Frank and Mike Capuano.

"The new bill would set up a single regulatory body run by five commissioners to monitor securities, futures, derivatives and other financial markets and instruments," writes American Banker's Victoria Finkle.

Frank has said that the existence of a separate SEC and CFTC is a "structural defect in our regulatory system."

"Had we sought to merge those institutions in the overall financial reform bill, it would almost certainly have caused defeat of that legislation." Frank said. "I file this bill now because I believe it is time for this to be on the agenda of the next Congress."

Frank did not include a merger in Dodd-Frank because he worried it would kill the bill.

For the full piece see "Frank, Capuano Unveil Bill to Merge SEC, CFTC" (may require subscription).