This week’s report on MF Global from the Republicans on the House Financial Services Committee blamed Jon Corzine for the brokerage firm’s failure and also found fault with MF Global’s regulators, the Securities and Exchange Commission and the Commodity Futures Trading Commission. The report recommended that Congress consider merging the two regulatory agencies.
That recommendation has alarmed some legislators who represent farm states and don’t want the SEC overseeing the markets in agricultural commodities, Politico reports. Sen. Pat Roberts of Kansas, the top Republican on the Agriculture Committee, says he doesn’t think a merger of the two would have made any difference at MF Global. On the other hand, Rep. Spencer Bachus, R-Ala., the head of the House Financial Services Committee, says a merger is needed.