88
STAT.]
PUBLIC LAW 93-463-OCT. 23, 1974
1389
Public Law 93-463 AN ACT To amend the Commodity Exchange Act to strengthen the regulation of futures trading, to bring all agricultural and other commodities traded on exchanges under regulation, and for other purposes.
October 23, 1974 [H. R. 13113]
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may p^j°|^'^°xra^dij, be cited as the "Commodity Futures Trading Commission Act of commission A"^ 1974'-. of 1974. 7 USC 4a note.
TITLE r—COMMODITY F U T U R E S T R A D I N G COMMISSION SEC. 101. (a) Section 2(a) of the Commodity Exchange Act, as amended (7 U.S.C. 2,4), is amended— (1) By inserting " (1) " after the subsection designation. (2) By striking the last sentence of section 2(a) and inserting in lieu thereof the following new sentence: "The words 'the Commission' shall mean the Commodity Futures Trading Commission established under paragraph (2) of this subsection." (3) By adding at the end thereof the following new paragraphs: "(2) There is hereby established, as an independent agency of the United States Government, a Commodity Futures Trading Commission. The Commission shall be composed of a Chairman and four other Commissioners, who shall be appointed by the President, by and with the advice and consent of the Senate. In nominating persons for appointment, the President shall seek to establish and maintain a balanced Commission, including, but not limited to, persons of demonstrated knowledge in futures trading or its regulation and persons of demonstrated knowledge in the production, merchandising, processing or distribution of one or more of the commodities or other goods and articles, services, rights and interests covered by this Act. Not more than three of the members of the Commission shall be members of the same political party. Each Commissioner shall hold office for a term of five years and until his successor is appointed and has qualified, except that he shall not so continue to serve beyond the expiration of the next session of Congress subsequent to the expiration of said fixed term of office, and except (A) any Commissioner appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed for the remainder of such term, and (B) the terms of office of the Commissioners first taking office after the enactment of this paragraph shall expire as designated by the President at the time of nomination, one at the end of one year, one at the end of two years, one at the end of three years, one at the end of four years, and one at the end of five years. "(3) A vacancy in the Commission shall not impair the right of the remaining Commissioners to exercise all the powers of the Commission. "(4) The Commission shall have a General Counsel, who shall be appointed by the Commission and serve at the pleasure of the Commission. The General Counsel shall report directly to the Commission and serve as its legal advisor. The Commission shall appoint such other attorneys as may be necessary, in the opinion of the Commission, to assist the General Counsel, represent the Commission in all disciplinary proceedings pending before it, represent the Commission in courts of law whenever appropriate, assist the Department of Justice in handling litigation concerning the Commission in
Commodity F u t u r e s Trading Commission. Establishment. Chairman and Commissioners. 7 USC 4a.
General C o u n s e l.
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