[Congressional Record Volume 143, Number 12 (Tuesday, February 4, 1997)]
[Extensions of Remarks]
[Page E131]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




     INTRODUCTION OF THE COMMODITY EXCHANGE ACT AMENDMENTS OF 1997

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                          HON. THOMAS W. EWING

                              of illinois

                    in the house of representatives

                       Tuesday, February 4, 1997

  Mr. EWING. Mr. Speaker, today I am reintroducing legislation to 
reform the Commodity Exchange Act [CEAct] which governs the regulation 
of futures and options on U.S. commodity exchanges and other risk 
management financial instruments that are traded in over-the-counter 
markets.
  This legislation is identical to H.R. 4276 introduced in the 104th 
Congress. Briefly, the legislation provides a conditional exemption for 
certain transactions involving professional markets, clarifies the 
effect of the designation of a board of trade as a contract market, 
simplifies the process for submission and disapproval of contract 
market rules, regulates audit trail requirements, establishes cost-
benefit analysis requirements, repeals the Commodity Futures Trading 
Commission's deficiency order authority, and clarifies the impact of 
the section 2(a)(1)(A)(ii) of the CEAct commonly known as the Treasury 
amendment.
  The purpose of the legislation is to assure the competitiveness of 
the U.S. futures industry, to preserve the vitality of price discovery 
and hedging functions of the futures markets and to recognize the 
impact of technology on our markets. The legislation I am introducing 
today is designed to serve as a discussion document as the House 
Agriculture Committee prepares to debate the many issues involved in 
reform of the CEAct.
  In an effort to further discussion, the committee has requested 
comment from industry representatives directly and indirectly impacted 
by the CEAct including producer groups, self-regulating organizations, 
exchanges, the Commodity Futures Trading Commission, and the U.S. 
Department of Agriculture. I look forward to working with interested 
entities in the industry and with my colleagues on both sides of the 
aisle as we proceed with this necessary reform.

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