"We [the United States] need to compel independent actors [financial regulatory agencies] to act together," Scott said on Wednesday. "We don't have a very coordinated [financial] regulatory system, and we need to fix it."
Scott suggested that a separate agency or one with a connection to the Obama administration would be the only likely possibility for a solution to this issue.
However, integrating many US financial regulators is difficult, because the financial regulatory structure has failed in the United States repeatedly, he added.
"We've seen the Federal Reserve versus the Federal Trade Commission and reverse," Scott said. "I don't have a lot of hope that if we came back together in two to three years, we will see this issue [financial regulatory cooperation] reexamined."
The Committee on Capital Markets Regulation is an independent research organization providing policy recommendations to lawmakers and regulators.
