CFTC chief calls for regulatory overhaul, creation of 3 new agencies

The nation's top futures market regulator Tuesday called for the creation of three new agencies to replace the functions of the Securities and Exchange Commission and the Commodity Futures Exchange Commission and add oversight to the most active parts of the unregulated derivatives markets that were at the heart of the financial meltdown this past September.

"I believe the United States should scrap the current outdated regulatory framework in favor of an objectives-based regulatory system consisting of three primary authorities: a new Systemic Risk Regulator, a new Market Integrity Regulator and a new Investor Protection Regulator," Walter Lukken, CFTC's acting chairman, said in prepared remarks to a speech before the futures industry association meeting in Chicago.

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