Grayson: Only 1 Agency Should Regulate Wall Street

Grayson: Only 1 Agency Should Regulate Wall Street Play

July 10 (Bloomberg Law) -- U.S. Representative Alan Grayson, Democrat from Florida, tells Bloomberg Law's Lee Pacchia that the government missed an opportunity in the midst of the financial crisis to consolidate the regulatory agencies overseeing Wall Street into a single agency, a move that some say would save the federal government time and money. "There is instability that's built into the [financial] system, there are booms and busts, and the responsibility for ameliorating that problem should be centralized," he says. Rep. Grayson also comments on recent efforts within Congress to deregulate the derivatives markets and media speculation surrounding a hypothetical appointment of Larry Summers as Chairman of the Federal Reserve.

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