[United States Government Manual] [June 01, 2002] [Pages 369-370] [From the U.S. Government Publishing Office, www.gpo.gov]COMMODITY FUTURES TRADING COMMISSION 1155 Twenty-first Street NW., Washington, DC 20581 Phone, 202-418-5000. Fax, 202-418-5521. Internet, www.cftc.gov. Chairman James E. Newsome Commissioners Thomas J. Erickson, Barbara P. Holum, (2 vacancies) General Counsel Patrick McCarty Executive Director Madge Bolinger, Acting [For the Commodity Futures Trading Commission statement of organization, see the Code of Federal Regulations, Title 17, Part 140] ------------------------------------------------------------------------ The mission of the Commodity Futures Trading Commission is to protect market users and the public from fraud, manipulation, and abusive practices related to the sale of commodity futures and options, and to foster open, competitive, and financially sound commodity futures and option markets. 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, 1995, and 2000. 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 Chairman. The [[Page 370]] Commissioners serve staggered 5-year terms, and by law no more than three Commissioners can belong to the same political party. The Commission has six major operating components: the Division of Market Oversight, Clearing and Intermediary Oversight, and Enforcement, and the Offices of the Executive Director, the General Counsel, and the Chief Economist. Activities The Commission regulates trading on the 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 (associated persons), commodity trading advisers, floor brokers and floor traders, and commodity pool operators. 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 oversees the rules under which an exchange operates 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 Twenty-first Street NW., Washington, DC 20581. Phone, 202-418-5080. Internet, www.cftc.gov. ------------------------------------------------------------------------