A bill to direct the Commodity Futures Trading Commission to regulate brokers who engage in forward contracting in connection with producers of agriculture crops.

Summary

Declares the finding of Congress that the activities of brokers who engage in forward contracting for agricultural crops in connection with agricultural producers significantly affect the marketing of such crops and thereby affect interstate commerce and are of national public interest. Directs the Commodity Futures Trading Commission to prescribe regulations with respect to brokers who engage in forward contracting. States provisions such regulations shall embody, including: (1) the registering of such brokers, with re-registration every two years; and (2) requiring such brokers, as a condition of their registration, to maintain books and records and to file reports in the form and manner designated by the Commission. Makes it unlawful for a broker to knowingly engage, after one year following the effective date of regulations promulgated by the Commission, in forward contracting without being registered. States that it also shall be unlawful to knowingly misrepresent or falsely represent to the Commission any information required to be submitted. Prescribes a penalty for violation of this Act of a fine of not more than $1,000, or imprisonment for not more than one year, or both, with respect to each violation. Defines the terms used in this Act.

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1 official file

• Introduced in House

  summary · EN · 24 March 1975

  Open at official source

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