CFTC Chair Proposes Replacing CFTC and SEC

In a speech before the Futures Industry Association, Walter Lukkens proposed abolishing the SEC and the CFTC in favor of three new agencies: a Systemic Risk Regulator, a Market Integrity Regulator, and an Investor Protection Regulator. This adds another to the growing pile of reform proposals. Lukken's sounds most like the "pure functional" regulatory structure advocated by Treasury in its March Blueprint. He also announced he plans to resign.