    [United States Government Manual]
    [June 15, 2003]
    [Pages 367-368]
    [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                                     Barbara P. Holum,
                                                              Walter L.
                                                              Lukken, Sharon
                                                              Brown-Hruska,
                                                              (vacancy)
    General Counsel                                   Patrick McCarty
    Executive Director                                Madge Bolinger
    Director, Division of Market Oversight            Michael Gorham
    Director, Division of Clearing and Intermediary   Jane Kang Thorpe
            Oversight
    Director, Division of Enforcement                 Gregory Mocek
    Chief Economist                                   James Overdahl

    [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

    [[Page 368]]

    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
    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 Divisions of
    Market Oversight, Clearing and Intermediary Oversight, and Enforcement,
    and the Offices of the Executive Director, General Counsel, and Chief
    Economist.

    Activities

    The Commission regulates trading on the U.S. futures markets, which
    offer commodity futures and options contracts. It regulates these
    markets in order to ensure the operational integrity of the futures
    markets. The Commission regulates two tiers of markets--designated
    contract markets and registered derivatives transaction execution
    facilities. However, boards of trade and commercial markets are exempt
    from regulations.
        The Commission also regulates the activities of numerous commodity
    trading professionals, including brokerage houses (futures commission
    merchants), futures industry salespersons (associated persons),
    commodity trading advisers, commodity pool operators, and floor brokers
    and traders.
        The Commission's regulatory and enforcement efforts are designed to
    foster transparent and financially sound markets and encourage market
    competition and efficiency, ensuring market integrity, and protecting
    market participants and the public from fraud, manipulation, and abusive
    practices. The Commission oversees the rules under which contract
    markets and derivatives transaction execution facilities operate, and
    monitors enforcement of those rules. It reviews the terms of 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.
        Two large regional offices are maintained in Chicago, IL, and New
    York, NY, where many of the Nation's futures exchanges are located.
    Additional regional offices are located in Kansas City, MO, and
    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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