Financial regulators on both sides of the Atlantic may not be able to resolve policy disputes through co-operation and the creation of a global regulator should be considered, according to Barney Frank, the senior Democratic congressman.
The views of the man widely expected take over the chair of the House financial services committee if the Democrats retake the chamber stands in stark contrast to those of the Securities and Exchange Commission, the financial regulator that the committee oversees.
Christopher Cox, chairman of the SEC, has been at pains in recent months to highlight stepped-up co-operation with foreign regulators such as the UK's Financial Services Authority.
This co-operation is seen as necessary as exchanges consolidate beyond regional borders, moves highlighted by the proposed New York Stock Exchange merger with Euronext.
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