[United States Government Manual]
[May 30, 1997]
[Pages 493-495]
[From the U.S. Government Publishing Office, www.gpo.gov]




COMMODITY FUTURES TRADING COMMISSION

1155 21st Street NW., Washington, DC 20581
Phone, 202-418-5000

Chairperson                                       Brooksley Born
Commissioners                                     Joseph B. Dial, 
                                                          Barbara P. 
                                                          Holum, David 
                                                          D. Spears, 
                                                          John E. Tull, 
                                                          Jr.
General Counsel                                   Daniel R. Waldman
Executive Director                                Donald L. Tendick, 
                                                          Acting

[For the Commodity Futures Trading Commission statement of organization, 
        see the Code of Federal Regulations, Title 17, Part 140]

------------------------------------------------------------------------

The Commodity Futures Trading Commission promotes healthy economic 
growth, protects the rights of customers, and ensures fairness and 
integrity in the marketplace through regulation of futures trading. To 
this end, it also engages in the analysis of economic issues affected by 
or affecting futures trading.


The Commodity Futures Trading Commission (CFTC) , the Federal regulatory 
agency for futures trading, was established by the Commodity Futures 
Trading Commission Act of 1974 (7 U.S.C. 4a). The Commission began 
operation in April 1975, and its authority to regulate futures trading 
was renewed by Congress in 1978, 1982, 1986, 1992, and 1995.
    The Commission consists of five Commissioners who are appointed by 
the President, with the advice and consent of the Senate. One 
Commissioner is designated by the President to serve as Chairperson. The 
Commissioners serve staggered 5-year terms, and by law no more than 
three Commissioners can belong to the same political party.

[[Page 494]]



[[Page 495]]

    The Commission has five major operating components: the Divisions of 
Enforcement, Economic Analysis, and Trading and Markets, and the Offices 
of the Executive Director and the General Counsel.

Activities

The Commission regulates trading on the 11 U.S. futures exchanges, which 
offer active futures and options contracts. It also regulates the 
activities of numerous commodity exchange members, public brokerage 
houses (futures commission merchants), Commission-registered futures 
industry salespeople and associated persons, commodity trading advisers, 
and commodity pool operators. Some off-exchange transactions involving 
instruments similar in nature to futures contracts also fall under 
Commission jurisdiction.
    The Commission's regulatory and enforcement efforts are designed to 
ensure that the futures trading process is fair and that it protects 
both the rights of customers and the financial integrity of the 
marketplace. It approves the rules under which an exchange proposes to 
operate and monitors exchange enforcement of those rules. It reviews the 
terms of proposed futures contracts, and registers companies and 
individuals who handle customer funds or give trading advice. The 
Commission also protects the public by enforcing rules that require
that customer funds be kept in bank accounts separate from accounts 
maintained by firms for their own use, and that such customer accounts 
be marked to present market value at the close of trading each day.
    Large regional offices are maintained in Chicago, IL, and New York, 
NY, where many of the Nation's futures exchanges are located. Smaller 
regional offices are located in Kansas City, MO, and Los Angeles, CA. A 
suboffice of the Kansas City regional office is located in Minneapolis, 
MN.

For further information, contact the Office of Public Affairs, Commodity 
Futures Trading Commission, 1155 21st Street NW., Washington, DC 20581. 
Phone, 202-418-5080.

------------------------------------------------------------------------