The Grain Futures Act (ch. 369, , ) is a United States federal law enacted September 21, 1922 involving the regulation of trading in certain
commodity futures
In finance, a futures contract (sometimes called futures) is a standardized legal contract to buy or sell something at a predetermined price for delivery at a specified time in the future, between parties not yet known to each other. The item tr ...
, and causing the establishment of the
Grain Futures Administration, a predecessor organization to the
Commodity Futures Trading Commission
The Commodity Futures Trading Commission (CFTC) is an Independent agencies of the United States government, independent agency of the US government created in 1974 that regulates the U.S. derivatives markets, which includes futures contract, fut ...
.
The bill that became the Grain Futures Act was introduced in the
United States Congress
The United States Congress is the legislature, legislative branch of the federal government of the United States. It is a Bicameralism, bicameral legislature, including a Lower house, lower body, the United States House of Representatives, ...
two weeks after the US Supreme Court declared the
Futures Trading Act of 1921
The Future Trading Act of 1921 (, ) was a United States Act of Congress, approved on August 24, 1921, by the 67th United States Congress intended to institute regulation of grain futures contracts and, particularly, the exchanges on which they w ...
unconstitutional in
Hill v. Wallace 259 U.S. 44 (1922).
[Markham, Jerry The history of Commodity futures Trading and its Regulation, 13] The Grain Futures Act was held to be constitutional by the US Supreme Court in
Board of Trade of City of Chicago v. Olsen
''Board of Trade of City of Chicago v. Olsen'', 262 U.S. 1 (1923), is a United States Supreme Court decision in which the Court upheld the Grain Futures Act as constitutional under the Commerce Clause of the United States Constitution
...
262 US 1 (1923).
In 1936 it was revised into the
Commodity Exchange Act
Commodity Exchange Act (ch. 545, , enacted June 15, 1936) is a federal act enacted in 1936 by the U.S. Government, with some of its provisions amending the Grain Futures Act of 1922.
The Act provides federal regulation of all commodities and fu ...
(CEA). The act was further superseded in 1974 by establishing the
Commodity Futures Trading Commission
The Commodity Futures Trading Commission (CFTC) is an Independent agencies of the United States government, independent agency of the US government created in 1974 that regulates the U.S. derivatives markets, which includes futures contract, fut ...
. In 1982 the
Commodity Futures Trading Commission
The Commodity Futures Trading Commission (CFTC) is an Independent agencies of the United States government, independent agency of the US government created in 1974 that regulates the U.S. derivatives markets, which includes futures contract, fut ...
created the
National Futures Association
The National Futures Association (NFA) is the self-regulatory organization (SRO) for the U.S. derivatives industry, including on-exchange traded futures, retail off-exchange foreign currency (forex) and OTC derivatives ( swaps). NFA is headqu ...
(NFA).
See also
*
National Futures Association
The National Futures Association (NFA) is the self-regulatory organization (SRO) for the U.S. derivatives industry, including on-exchange traded futures, retail off-exchange foreign currency (forex) and OTC derivatives ( swaps). NFA is headqu ...
*
Commodity Exchange Act
Commodity Exchange Act (ch. 545, , enacted June 15, 1936) is a federal act enacted in 1936 by the U.S. Government, with some of its provisions amending the Grain Futures Act of 1922.
The Act provides federal regulation of all commodities and fu ...
*
Commodity Futures Trading Commission
The Commodity Futures Trading Commission (CFTC) is an Independent agencies of the United States government, independent agency of the US government created in 1974 that regulates the U.S. derivatives markets, which includes futures contract, fut ...
*
Futures exchange
A futures exchange or futures market is a central financial exchange where people can trade standardized futures contracts defined by the exchange. Futures contracts are derivatives contracts to buy or sell specific quantities of a commodity or ...
*
Futures contract
In finance, a futures contract (sometimes called futures) is a standardized legal contract to buy or sell something at a predetermined price for delivery at a specified time in the future, between parties not yet known to each other. The item tr ...
References
External links
US CODE--TITLE 7*
{{US farm acts
Commodity markets in the United States
United States federal commodity and futures legislation
1922 in American law
Grain trade