Future Trading Act

Futures Trading Act
Citations

Other short titles	Futures Trading Act of 1921
Long title	An Act taxing contracts for the sale of grain for future delivery, and options for such contracts, and providing for the regulation of boards of trade, and for other purposes.
Enacted by	the 67th United States Congress
Effective	August 24, 1921
Public law	67-66
Statutes at Large	42 Stat. 187
Codification
Titles amended	7 U.S.C.: Agriculture
U.S.C. sections amended	7 U.S.C. ch. 1 § 1
Legislative history
Introduced in the House as H.R. 5676 by Jasper N. Tincher (R-KS) on May 3, 1921 Committee consideration by House Agriculture Committee Passed the House on May 13, 1921 (269-69) Reported by the joint conference committee on August 23, 1921; agreed to by the House on August 23, 1921 (341-9) and by the Senate on August 23, 1921 (passed) Signed into law by President Warren G. Harding on August 24, 1921
United States Supreme Court cases
Hill v. Wallace, 259 U.S. 44 (1922) Trusler v. Crooks, 269 U.S. 475 (1926)

The Future Trading Act of 1921 (ch. 86, 42 Stat. 187) was a United States Act of Congress, approved on August 24, 1921, by the 67th United States Congress intended to institute regulation of grain futures contracts and, particularly, the exchanges on which they were traded. It was the second federal statute that attempted to regulate futures contracts after the short lived Anti-gold futures act of 1864.

The act imposed a tax of 20 cents a bushel on all contracts for the sale of grain for future delivery other than those on exchanges regulated by the US Department of Agriculture that met standards set out in the statute. Twenty cents a bushel was considered a large sum by the standards of the day.

The Act was held to be an unconstitutional by the US Supreme Court in Hill v. Wallace on May 15, 1922. About four years later, on January 11, 1926, the Court announced a related decision in Trusler v. Crooks.

The Grain Futures Act of 1922 was ruled constitutional in Board of Trade of City of Chicago v. Olsen.

External links

10050546

United States federal agriculture legislation

Farm Bills	Federal Farm Loan Act (1916) Agricultural Adjustment Act (1933) Agricultural Adjustment Act Amendment of 1935 Soil Conservation and Domestic Allotment Act of 1936 Agricultural Adjustment Act of 1938 Agricultural Act of 1948 Agricultural Act of 1949 Agricultural Act of 1954 Agricultural Act of 1956 Agricultural Act of 1961 Food and Agriculture Act of 1965 Agricultural Act of 1970 Agriculture and Consumer Protection Act of 1973 Food and Agriculture Act of 1977 Agriculture and Food Act of 1981 Food Security Act of 1985 Food, Agriculture, Conservation, and Trade Act of 1990 Federal Agriculture Improvement and Reform Act of 1996 Farm Security and Rural Investment Act of 2002 Food, Conservation, and Energy Act of 2008 Agricultural Act of 2014

Additional Legislation	Hatch Act of 1887 Agriculture Appropriation Act of 1905 Agricultural Appropriations Act of 1922 Cotton Futures Act (1914) Cotton Futures Act (1916) Grain Standards Act (1916) Wheat Price Guarantee Act (1919) Future Trading Act (1921) Grain Futures Act (1922) Capper–Volstead Act (1922) Agricultural Marketing Act (1929) Farm Credit Act of 1933 Frazier–Lemke Farm Bankruptcy Act (1934) Bankhead–Jones Act of 1935 Commodity Exchange Act (1936) Bankhead-Jones Farm Tenant Act (1937) Agricultural Marketing Agreement Act of 1937 Agricultural Trade Development and Assistance Act of 1954 National Wool Act of 1954 Agricultural Fair Practices Act of 1967 Farm Credit Act of 1971 Consolidated Farm and Rural Development Act of 1972 Commodity Futures Trading Commission Act of 1974 Agricultural Trade Act of 1978 Agricultural Adjustment Act of 1980 National Aquaculture Act of 1980 Caribbean Basin Economic Recovery Act of 1983 Extra-Long Staple Cotton Act of 1983 Agricultural Credit Act of 1987 Hunger Prevention Act of 1988 Alien Species Prevention and Enforcement Act of 1992 National Wool Act Amendments of 1993 Federal Crop Insurance Reform and Department of Agriculture Reorganization Act of 1994 Agricultural Research, Extension, and Education Reform Act of 1998 Agriculture Risk Protection Act of 2000

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