[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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