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APPROPRIATIONS FOR 1962

HEARINGS

BEFORE THE

SUBCOMMITTEE OF THE
COMMITTEE ON APPROPRIATIONS

HOUSE OF REPRESENTATIVES

EIGHTY-SEVENTH CONGRESS

FIRST SESSION

SUBCOMMITTEE ON DEPARTMENT OF AGRICULTURE AND RELATED

AGENCIES APPROPRIATIONS

JAMIE L. WHITTEN, Mississippi, Chairman
WILLIAM H. NATCHER, Kentucky

H. CARL ANDERSEN, Minnesota
ALFRED E. SANTANGELO, New York

WALT HORAN, Washington
JOHN M. SLACK, JR., West Virginia

ROBERT H. MICHEL, Illinois
Ross P. POPE, Staj A88istant to the Subcommittee

PART 2
AGRICULTURAL CONSERVATION PROGRAM
COMMODITY CREDIT CORPORATION
COMMODITY EXCHANGE AUTHORITY
COMMODITY STABILIZATION SERVICE
FARM CREDIT ADMINISTRATION
FARMERS HOME ADMINISTRATION
FEDERAL CROP INSURANCE CORPORATION
FOREIGN AGRICULTURAL SERVICE
LIBRARY
OFFICE OF INFORMATION
OFFICE OF THE GENERAL COUNSEL
OFFICE OF THE SECRETARY
RURAL ELECTRIFICATION ADMINISTRATION
SOIL CONSERVATION SERVICE
GENERAL PROVISIONS

Printed for the use of the Committee on Appropriations

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON : 1961

09248

DOCUMENTS

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
DANIEL J. FLOOD, Pennsylvania
WINFIELD K. DENTON, Indiana
TOM STEED, Oklahoma
HUGII Q. ALEXANDER, North Carolina
ALFRED E. SANTANGELO, New York
JOSEPH M. MONTOYA, New Mexico
GEORGE E, SHIPLEY, Illinois
JOHN M. SLACK, JR., West Virginia
DALE ALFORD, Arkansas

KENNETH SPRANKLE, Clerk and Staff Director

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
Appropriation Act, 1961.
Proposed supplemental, 1961 for pay act costs---

$940,000

50,000

Base for 1962_. Budget estimate, 1962

990, 000 1, 007, 000

Increase (to provide full pay act costs not provided in 1961

appropriation)-

+17,000

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