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, and causing the establishment of the
Grain Futures Administration, a predecessor organization to the
Commodity Futures Trading Commission.
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 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 262 US 1 (1923).
In 1936 it was revised into the
Commodity Exchange Act (CEA). The act was further superseded in 1974 by establishing the
Commodity Futures Trading Commission. In 1982 the
Commodity Futures Trading Commission created the
National Futures Association (NFA).
See also
*
National Futures Association
*
Commodity Exchange Act
*
Commodity Futures Trading Commission
*
Futures exchange
*
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