Gary Gensler actually said...

History demonstrates that bright-line statutory exemptions or exclusions granted at one point in time can have unintended consequences.

[w]e now face a new set of challenges as the nation continues to recover from last year's failure of the financial system and the financial ...

I think Congress does want one agency.

In 2008 the financial regulatory system failed the American public. We must now do all we can to ensure that it does not happen again.