PUBLIC LAW 95-405—SEPT. 30, 1978
92 STAT. 865
Public Law 95-405 95th Congress An Act To extend the Commodity Exchange Act, and for other purposes.
Sept. 30, 1978 [S, 2391]
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may Futures Trading be cited as the "Futures Trading Act of 1978". Act of 1978. ^
7 USC 1 note.
COMPOSITION AND FUNCTIONS OF COMMISSION,' CONFLICT OF I N T E R E S T; LIAISON W I T H OTHER AGENCIES; CONFORMING AND T E C H N I C A L AMENDMENTS
SEC. 2. Section 2(a) of the Commodity Exchange Act is amended 7 USC 2, 4, 4a. by(1) striking out in the third sentence of paragraph (1) (7 U.S.C. 2) "section 217 of the Commodity Futures Trading Commission Act of 1974" and inserting in lieu thereof "section 19 of this Act"; (2) inserting " (A) " immediately after the designation of paragraph (2) (7 U.S.C. 4a(a)); (3) striking out in the second sentence of paragraph (2) "a Chairman and four other Commissioners" and inserting in lieu thereof "five Commissioners"; (4) striking out in the last sentence of paragraph (2) " (A) " and " (B) " and inserting in lieu thereof " (i) " and "(ii)", respectively; (5) adding at the end of paragraph (2) a new subparagraph (B) as follows: "(B) The President shall appoint, by and with the advice and consent of the Senate, a member of the Commission as Chairman, who shall serve as Chairman at the pleasure of the President. An individual may be appointed as Chairman at the same time that person is appointed as a Commissioner. The Chairman shall be the chief administrative oiRcer of the Commission and shall preside at hearings before the Commission. At any time, the President may appoint, by and with the advice and consent of the Senate, a different Chairman, and the Commissioner previously appointed as Chairman may complete that Commissioner's term as a Commissioner."; (6) striking out in paragraph (5) (7 U.S.C. 4a(d)) ", by and with the advice and consent of the Senate,"; (7) inserting in paragraph (6)(A) (7 U.S.C. 4a(e)(1)) after "use and expenditures of funds," the following: "according to budget categories, plans, programs, and priorities established and approved by the Commission,"; (8) striking out in paragraph (6)(B) (7 U.S.C. 4a(e)(2)) "of the Commission" and inserting in lieu thereof ", plans, priorities, and budgets approved by the Commission"; (9) inserting " (A) " immediately after the designation of paragraph (7) (7 U.S.C.4a(f)); (10) adding at the end of paragraph (7) a new subparagraph (B) as follows:
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