Transfers to the Commission all functions, officers and components of both the Commodity Futures Trading Commission and the Securities and Exchange Commission, and the functions of Governors of the Federal Reserve System with respect to margin requirements on securities.
Establishes the Federal Financial Markets Coordinating Council in the executive branch to coordinate the regulatory operations of its members, composed of: (1) the Board of Governors of the Federal Reserve System; (2) the Comptroller of the Currency; (3) the Secretary of the Treasury; (4) the Securities and Commodities Exchange Commission; (5) the Office of Thrift Supervision; and (6) the Federal Deposit Insurance Corporation.