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117710 1 (1982-03-02)

handle is hein.gao/gaobacstx0001 and id is 1 raw text is: 


            United States General Accounting Office

                    Washington, D.C.  20548


                                        FOR RELEASE  ON DELIVERY
                                        Expected  at 9:30 a.m.
                                        March  2, 1982


                         Statement of

                  Henry Eschwege, Director
                                                            117710
        Community and Economic Development Division

                          Before the

 Subcommittee on Agricultural Research and General  Legislation

                            of the

    Senate Committee on Agriculture, Nutrition,  and Forestry

                            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  resources

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