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APPROPRIATIONS FOR 1962
SUBCOMMITTEE OF THE
HOUSE OF REPRESENTATIVES
SUBCOMMITTEE ON DEPARTMENT OF AGRICULTURE AND RELATED
JAMIE L. WHITTEN, Mississippi, Chairman
H. CARL ANDERSEN, Minnesota
WALT HORAN, Washington
ROBERT H. MICHEL, Illinois
Printed for the use of the Committee on Appropriations
U.S. GOVERNMENT PRINTING OFFICE
WASHINGTON : 1961
COMMITTEE ON APPROPRIATIONS
CLARENCE CANNON, Missouri, Chairman GEORGE H. MAHON, Texas
JOHN TABER, New York HARRY R. SHEPPARD, California
BEN F. JENSEN, Iowa ALBERT THOMAS, Texas
H. CARL ANDERSEN, Minnesota MICHAEL J. KIRWAN, Ohio
WALT HORAN, Washington JAMIE L. WHITTEN, Mississippi
IVOR D. FENTON, Pennsylvania GEORGE W. ANDREWS, Alabama
GERALD R. FORD, JR., Michigan JOHN J. ROONEY, New York
HAROLD C. OSTERTAG, New York J. VAUGHAN GARY, Virginia
FRANK T. BOW, Ohio JOHN E. FOGARTY, Rhode Island
CHARLES RAPER JONAS, North Carolina ROBERT L. F. SIKES, Florida
MELVIN R. LAIRD, Wisconsin OTTO E. PASSMAN, Louisiana
ELFORD A. CEDERBERG, Michigan LOUIS C. RABAUT, Michigan
GLENARD P. LIPSCOMB, California SIDNEY R. YATES, Illinois
JOHN J. RHODES, Arizona FRED MARSHALL, Minnesota
JOHN R. PILLION, New York JOHN J. RILEY, South Carolina
PHIL WEAVER, Nebraska JOE L. EVINS, Tennessee
WILLIAM E. MINSHALL, Ohio JOHN F. SHELLEY, California
ROBERT H. MICHEL, Nlinois EDWARD P. BOLAND, Massachusetts
SILVIO O. CONTE, Massachusetts DON MAGNUSON, Washington
WILLIAM H. MILLIKEN, JR., Pennsylvania WILLIAM H. NATCHER, Kentucky
EARL WILSON, Indiana
KENNETH SPRANKLE, Clerk and Staff Director
DANIEL A. CURRIE, ASSISTANT TO THE ADMINISTRATOR, COM-
MODITY EXCHANGE AUTHORITY
Mr. WHITTEN. Gentlemen, we come now_to_the Commodity E change Authority, which is under Mr. John P. Duncan, Jr., Assista Secretary. I presume it will be justified here by the Administrato Mr. Caldwell." Mr. Caldwell, we are glad to see you again.
JUSTIFICATION OF THE ESTIMATE Pages 171 and 173 through 181 of the justifications will be in cluded in the record at this point.
(The justification follows:)
PURPOSE STATEMENT The Commodity Exchange Authority administers the Commodity Exchang Act of September 21, 1922, as amended.
The major objectives of the act are: to prevent commodity price manipula tion and market corners; prevent dissemination of false and misleading cro and market information affecting commodity prices; protect hedgers and othe users of the commodity futures markets against cheating, fraud, and manipula tive practices; insure the benefits of membership privileges on contract market to cooperative associations of producers; insure trust-fund treatment of mai gin moneys and equities of hedgers and other traders and prevent the misus of such funds by brokers; and provide information to the public regarding trad ing operations and contract markets.
The basic act, originally designated as the Grain Futures Act, conferrei limited authority with respect to futures trading in grains only. By amend ment of June 15, 1936, its short-title designation was changed to “Commodity Exchange Act," and its regulatory provisions strengthened and extended to cotton, millfeeds, butter, eggs, potatoes, and rice. By amendment of Apri 7, 1938, wool tops were added to the commodities subject to the act; fats and oils, cottonseed, cottonseed meal, peanuts, soybeans, and soybean meal wer added by the act of October 9, 1940; wool was added by enactment of Public Law 690 of August 28, 1954; and onions were added by enactment of Public Law 174 of July 26, 1955. Public Law 85-839, approved August 28, 1958 prohibited futures trading in onions effective September 27, 1958.
These functions carried out under the act are performed through a Wash ington office and five field offices, located in Chicago, Kansas City, Minneapolis New Orleans, and New York. On November 30, 1960, the Commodity Exchange Authority had 123 full-time employees, 38 of whom were stationed in Wash. ington, D.C., and 85 in the field offices. Appropriation : Estimated available, 1961..
$990, 000 Budget estimate, 1962.
1, 007, 000
Salaries and expenses
Base for 1962_. Budget estimate, 1962
990, 000 1, 007, 000
Increase (to provide full pay act costs not provided in 1961