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DOCUMENT RESUME
02136 - [A1572543]
(Information Gathering Practices of the Commodity Futures
Traling Commission]. GGD-77-52; B-184575. May 26, 1977. 6 pp. +
enclosure (2 pp.).
Report +o William T. Bagley, Chairman, Commodity Futures irading
Commission; by Henry Eschwege, Director, Commanity and Economic
Developmen . Div.
Issue Area: Statistical and Paperwork Implications of
Non-Federal Data (3100).
Contact: Community and Economic Development Div.
Budget Function: Commerce and Transportation: Other Advancement
and Regulation of Comrerce (403).
Congressional Relevance: House ComJrittee on Agriculture; Senate
Committee on Agriculture, Nutrition, and Forestry.
Authority: Trans-Alaska Pipeline Authorization Act of November
1973. Commodity Futures Trading Commission Act of 1974.
The Commodity Futures Trading Commission (:FTC) does
not have a formal program prescribing the procedures and
critical management controls necessary for initiatiq,
developing, and reassessing the reporting and recordkeeping
requirements of an effective information-gathering program.
Finlings/Conclusions: CFTC's regulatocy role requires an
effective information-gathering process to prevent respondents
from compiling and submitting data that do not achieve the
desired objectives. CFTC does not have a formal
infr£mation-gathering program, but it has begun to design an
integrated system for collecting, processing, and disseminating
information. CFTC is also presently reassessing some of its 14
forms, which require information from participants in the
commodity futures trading industry on an ad hoc basis. CFTC
needs a formal information-gathering program, incorporating the
management controls needed for developing reasonable reporting
and recordkeeping requirements and for periodically reassessing
their usefulness. A formal program clearly defining
organizational duties and responsibilities would make certain
that the management controls are applied on a uniform basis.
Recommendations: The CFTC shculd develop a formal
information-gathering program that incorporates essential
management controls and that clearly defines duties and
responsibilities of CFTC organizations involved in the
management of information collection. CFTC should also
reconsider its position that reporting requirements adopted to
implement its regulatory judgments are not subject to GAO
clearance. (SC)](ViewImageLocal?handle=hein.gao/gaobaaceu0001&div=1&collection=&method=preview&ext=.png&size=3)