[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]

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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.

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