A bill to extend the Commodity Exchange Act, and for other purposes.

Summary

Amends the Commodity Exchange Act to: (1) extend the Commodity Futures Trading Commission through fiscal year 1981; (2) exclude from the definition of commodity trading advisor any dealers of cash commodities and products thereof; (3) provide for appointment of the Commission Chairman by the President, to serve at the President's pleasure; and (4) subject the use and expenditure of funds by the Chairman to the budget categories, plans, and priorities established by the Commission. Prohibits any Commissioner or employee of the Commission from making any appearance before, or communication to, the Commission on behalf of any person on any particular matter before the Commission for the period of a year following his or her last day of service. Sets forth the procedure for designating a board of trade as a contract market. Prohibits any person from engaging in commodity option transactions without express permission from the Commission. Subjects all proposed rules and regulations governing options trading to the veto prerogative of either House of Congress. Allows the registration of Commission merchants and floor brokers to extend beyond December 31st and to expire not earlier than one year from the date of issuance. Extends to six months the time during which the Commission must act on the application for registration of any commodity trading advisor or commodity pool operator. Applies the anti-fraud provisions of such Act to all advisors and pool operators regardless of whether they are registered or not. Requires a hearing on the record for: (1) refusal, suspension, or revocation of contract market designations; (2) cease and desist orders; and (3) imposition of civil penalties. Grants subpena power to members of the Commission and any Administrative Law Judge or other officer designated by them. Grants concurrent jurisdiction to State agencies or officials to investigate or prosecute civil violations of such Act committed by any persons or organizations other than a designated contract market or a board of trade licensed by the Commission. Prohibits the Commission from making public disclosure of any data or information which would separately disclose the market positions, business transactions, trade secrets or names of customers not previously disclosed publicly in a judicial or congressional proceeding. Authorizes the Commission to require fingerprinting of applicants for registration as Commission merchants or associates. Increases from $2,500 to $5,000 the amount of damages that may be claimed in complaints that may be adjusted without a hearing.

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Documents

1 official file

• Introduced in House

  summary · EN · 31 May 1978

  Open at official source

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