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U.S. Commodity Futures Trading Commission(CFTC)
The United States of America Commodity Futures Trading Commission ( Commodity Futures Trading Commission, CFTC)
The United States of America Commodity Futures Trading Commission is one of the United States of America 's financial regulators. In 1974 by the United States Congress established, initially tasked with supervision of American commodity futures and option markets. After CFTC task scope gradually updated and expanded, especially in the Commodity Futures Modernization Act of 2000( CFMA ) authorization.
CFTC is the United States government to an independent agency, responsible for the supervision of commodity futures, options and financial futures, options market. CFTC's mission is to protect market participants and the public not to suffer and commodity and financial futures, options related fraud, market manipulation and illegal business activities such as infringement, safeguard of futures and options markets open, competitive and financial reliability.
CFTC MISSION & RESPONSIBILITIES
Congress created the Commodity Futures Trading Commission (CFTC) in 1974 as an independent agency with the mandate to regulate commodity futures and option markets in the United States. The agency's mandate has been renewed and expanded several times since then, most recently by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
In 1974 the majority of futures trading took place in the agricultural sector. The CFTC's history demonstrates, among other things, how the futures industry has become increasingly varied over time and today encompasses a vast array of highly complex financial futures contracts.
Today, the CFTC assures the economic utility of the futures markets by encouraging their competitiveness and efficiency, protecting market participants against fraud, manipulation, and abusive trading practices, and by ensuring the financial integrity of the clearing process. Through effective oversight, the CFTC enables the futures markets to serve the important function of providing a means for price discovery and offsetting price risk.
The CFTC's mission is to protect market users and the public fro m fraud, manipulation, abusive practices and systemic risk related to derivatives that are subject to the Commodity Exchange Act, and to foster open, competitive, and financially sound markets.
Chairman Gary Gensler
Gary Gensler was sworn in as the Chairman of the Commodity Futures Trading Commission on May 26, 2009. Chairman Gensler previously served at the U.S. Department of the Treasury as Under Secretary of Domestic Finance (1999-2001) and as Assistant Secretary of Financial Markets (1997-1999). He subsequently served as a Senior Advisor to the Chairman of the U.S. Senate Banking Committee, Senator Paul Sarbanes, on the Sarbanes-Oxley Act, reforming corporate responsibility, accounting and securities laws.
As Under Secretary of the Treasury, Chairman Gensler was the principal advisor to Treasury Secretary Robert Rubin and later to Secretary Lawrence Summers on all aspects of domestic finance. The office was responsible for formulating policy and legislation in the areas of U.S. financial markets, public debt management, the banking system, financial services, fiscal affairs, federal lending, Government Sponsored Enterprises, and community development. In recognition of this service, he was awarded Treasury’s highest honor, the Alexander Hamilton Award.
Prior to joining Treasury, Chairman Gensler worked for 18 years at Goldman Sachs, where he was sel ected as a partner; in his last role he was Co-head of Finance.
Chairman Gensler is the co-author of a book, The Great Mutual Fund Trap, which presents common sense investment advice for middle income Americans.
He is a summa cum laude graduate fro m the University of Pennsylvania’s Wharton School in 1978, with a Bachelor of Science in Economics and received a Master of Business Administration fro m the Wharton School’s graduate division in 1979. He lives with his three daughters outside of Baltimore, Maryland.
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