[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] ------------------------------------------------------------------------ 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. ------------------------------------------------------------------------