.svg) | |
| Other short titles |
|
|---|---|
| Long title | A bill for the prevention and removal of obstructions and burdens upon interstate commerce in grain, by regulating transactions on grain future exchanges, and for other purposes. |
| Enacted by | the67th United States Congress |
| Effective | September 21, 1922 |
| Citations | |
| Public law | 67-331 |
| Statutes at Large | 42 Stat. 998 |
| Codification | |
| Titles amended | 7 U.S.C.: Agriculture |
| U.S.C. sections amended | 7 U.S.C. ch. 1 § 1 |
| Legislative history | |
| |
| United States Supreme Court cases | |
| Board of Trade of City of Chicago v. Olsen, 262 U.S. 1 (1923) | |
TheGrain Futures Act (ch. 369, 42 Stat. 998,7 U.S.C. § 1) is a United States federal law enacted September 21, 1922 involving the regulation of trading in certaincommodity futures, and causing the establishment of theGrain Futures Administration, a predecessor organization to theCommodity Futures Trading Commission.
The bill that became the Grain Futures Act was introduced in theUnited States Congress two weeks after the US Supreme Court declared theFutures Trading Act of 1921 unconstitutional inHill v. Wallace 259 U.S. 44 (1922).[1] The Grain Futures Act was held to be constitutional by the US Supreme Court inBoard of Trade of City of Chicago v. Olsen 262 US 1 (1923).
In 1936 it was revised into theCommodity Exchange Act (CEA). The act was further superseded in 1974 by establishing theCommodity Futures Trading Commission. In 1982 theCommodity Futures Trading Commission created theNational Futures Association (NFA).
