Commodity Exchange Act

Summary

Commodities Exchange Act - Establishes a Commodity Exchange Commission, composed of five commissioners appointed by the President by and with the advice and consent of the Senate, as an independent agency in the executive branch of the Government. Transfers specified functions from the Secretary of Agriculture to the Commission and delegates enumerated housekeeping functions to the Chairman. Authorizes the employment of persons without regard to Civil Service laws. Provides, with regard to rules governing registration of Commission merchants and brokers, that if after requesting a contract market to make specified changes in its rules and practices, the contract market has not made the changes the Commission may order the contract market to alter the rules of such contract market as necessary to effect changes in specified areas. Requires that contract markets serve an economic purpose. Prohibits orders by futures commission merchants for their own account. States that no member of a contract market shall execute any order for future delivery or intentionally enter into any transaction for future delivery in such commodity for any account in which such member has trading discretion, with specified exeeptions. Provides that if any contract market, director, officer, or agent is not enforcing or is violating any of the provisions of this Act, the Commission may enter an order directing the contract market, director, officer, agent, or employee to cease and desist from such violation and assess a civil penalty of not more than $100,000 for each such violation. Increases the amount of specific penalties for violations of this Act. Empowers the Commission with injunctive authority to restrain potential violations of this Act. Penalizes, with treble damages, the use of confidential information in violation of this Act

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Timeline

1. 30 October 1973

   Introduced

   Referred to House Committee on Agriculture.

   Source: IntroReferral

2. 30 October 1973

   Introduced

   Introduced in House

   Source: IntroReferral

3. 30 October 1973

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 30 October 1973

  Open at official source

Sponsors

• Rep. Smith, Neal Edward [D-IA-4] · D · Sponsor
• · hsag00 · Standing

Related records

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