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117553 1 (1982-02-23)

handle is hein.gao/gaobacsto0001 and id is 1 raw text is: 
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United States General Accounting Office

        Washington, D.C.  20548


                                         FOR RELEASE ON DELIVERY
                                         Expected at 9:30 a.m.
                                         February 23, 1982


                         Statement of

                      Charles A. Bowsher
                                                             117553
           Comptroller General of  the United States

                          Before  the

  Subcommittee on Conservation, Credit,  and Rural Development

                            of  the

                House Committee on Agriculture

                            on  the

  Reauthorization of the Commodity Futures Trading  Commission


Mr. Chairman and Members of the Subcommittee:

     We welcome your invitation to be here  today to discuss our

recently completed review of the Commodity  Futures Trading

Commission.

     In recent years the commodity futures  industry has experi-

enced dramatic growth.  In the past 5 years futures volume has

nearly tripled,.from 37 million contracts to about 100 million

contracts annually.  The term commodity has come to embrace  a

variety of financial instruments including Government  securities

and certificates of deposit.  Substantial trading  in futures con-

tracts for these commodities has developed.  The expected pro-

liferation and growth in trading of these  instruments, as well

as. continued growth in agricultural and natural resource




                            LZ

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