Commodity Exchange Commission Act

Summary

Commodities Exchange Commission 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 that contract market to alter its rules as necessary to effect changes in specified areas. Requires that contract markets serve an economic purpose. Prohibits orders of futures commission merchants for their own accounts. States that no member of a contract market shall execute any order for future delivery and on the same intentionally enter into any transaction for future delivery in such commodity for any account in which such member has trading discretion, with specified execeptions. 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 that such contract market, director, officer, agent, or employee 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 penalities 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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1 official file

• Introduced in House

  summary · EN · 15 November 1973

  Open at official source

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