The Obama administration is backing away from seeking a major reduction in the number of agencies overseeing financial markets.

The administration, for example, is unlikely to call for merging the Commodity Futures Trading Commission and the Securities and Exchange Commission, an idea it had considered, these people say. It also isn't expected to call for the Federal Reserve, Federal Deposit Insurance Corp. or the Office of the Comptroller of the Currency to cede their primary authority to supervise banks, they say.

Source: The Wall Street Journal Link Below