Grain Futures Act
Encyclopedia
The Grain Futures Act is a United States federal law enacted September 21, 1922 involving the regulation of trading in certain commodity futures, and causing the establishment of the Grain Futures Administration, a predecessor organization to the Commodity Futures Trading Commission
.
The bill that became the Grain Futures Act was introduced in the United States Congress
two weeks after the US Supreme Court declared the Futures Trading Act of 1921 unconstitutional in Hill v. Wallace
259 U.S. 44 (1922). The Grain Futures Act was held to be constitutional by the US Supreme Court in Board of Trade of City of Chicago v. Olsen
262 US 1 (1923).
In 1936 it was revised into the Commodity Exchange Act
(CEA). The act was further superseded in 1974 by establishing the Commodity Futures Trading Commission
. In 1982 the Commodity Futures Trading Commission
created the National Futures Association
(NFA).
Commodity Futures Trading Commission
The U.S. Commodity Futures Trading Commission is an independent agency of the United States government that regulates futures and option markets....
.
The bill that became the Grain Futures Act was introduced in the United States Congress
United States Congress
The United States Congress is the bicameral legislature of the federal government of the United States, consisting of the Senate and the House of Representatives. The Congress meets in the United States Capitol in Washington, D.C....
two weeks after the US Supreme Court declared the Futures Trading Act of 1921 unconstitutional in Hill v. Wallace
Hill v. Wallace
The Futures Trading Act of 1921, approved August 24, 1921. , c. 86 attempted to institute Federal regulation of grain futures contract trading by imposing a prohibitive tax on futures contracts traded on any market other than those that met the statute's requirements and were regulated by the...
259 U.S. 44 (1922). The Grain Futures Act was held to be constitutional by the US Supreme Court in Board of Trade of City of Chicago v. Olsen
Board of Trade of City of Chicago v. Olsen
Board of Trade of City of Chicago v. Olsen, 262 U.S. 1 , is a decision by the Supreme Court of the United States, in which it upheld the Grain Futures Act as constitutional under the Commerce Clause of the United States Constitution....
262 US 1 (1923).
In 1936 it was revised into the Commodity Exchange Act
Commodity Exchange Act
Commodity Exchange Act is a federal act passed in 1936 by the U.S. Government ....
(CEA). The act was further superseded in 1974 by establishing the Commodity Futures Trading Commission
Commodity Futures Trading Commission
The U.S. Commodity Futures Trading Commission is an independent agency of the United States government that regulates futures and option markets....
. In 1982 the Commodity Futures Trading Commission
Commodity Futures Trading Commission
The U.S. Commodity Futures Trading Commission is an independent agency of the United States government that regulates futures and option markets....
created the National Futures Association
National Futures Association
The National Futures Association is an independent self-regulatory organization and watchdog of the commodities and futures industry in the United States. The NFA oversees and protects investors from fraudulent commodities and futures activities. The NFA also provides mediation and arbitration...
(NFA).
See also
- National Futures AssociationNational Futures AssociationThe National Futures Association is an independent self-regulatory organization and watchdog of the commodities and futures industry in the United States. The NFA oversees and protects investors from fraudulent commodities and futures activities. The NFA also provides mediation and arbitration...
- Commodity Exchange ActCommodity Exchange ActCommodity Exchange Act is a federal act passed in 1936 by the U.S. Government ....
- Commodity Futures Trading CommissionCommodity Futures Trading CommissionThe U.S. Commodity Futures Trading Commission is an independent agency of the United States government that regulates futures and option markets....
- Futures exchangeFutures exchangeA futures exchange or futures market is a central financial exchange where people can trade standardized futures contracts; that is, a contract to buy specific quantities of a commodity or financial instrument at a specified price with delivery set at a specified time in the future. These types of...
- Futures contractFutures contractIn finance, a futures contract is a standardized contract between two parties to exchange a specified asset of standardized quantity and quality for a price agreed today with delivery occurring at a specified future date, the delivery date. The contracts are traded on a futures exchange...