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29 Vand. L. Rev. 1 (1976)
Commodity Futures Trading Commission Act: Preemption As Public Policy, The

handle is hein.journals/vanlr29 and id is 17 raw text is: VANDERBILT

LAW

REVIEW

VOLUME 29                JANUARY 1976               NUMBER 1
The Commodity Futures Trading
Commission Act: Preemption as Public
Policy
Philip F. Johnson*
TABLE OF CONTENTS
Page
I.  INTRODUCTION  ... .....................................  1
II. PRIOR EFFORTS AT REGULATORY CENTRALIZATION ........   5
Ill. THE LEGISLATIVE HISTORY OF THE CFTC ACT ..........    7
A. The 1973-1974 Hearings ........................    7
B.  The  Conference  ...............................  17
C. The Appointments Delay    ...................... 19
IV. THE LEGISLATIVE AFTERMATH ......................... 20
V. SUBSEQUENT LEGISLATIVE EFFORTS ..................... 26
VI. THE JUDICIAL RESPONSE ............................... 28
VII. THE REMAINING ISSUES ................................ 31
A. Private Suits Under Other Statutes ............. 32
B. The Prevention of Fraud ....................... 36
VIII. CONCLUSION  .........................................  42
I. INTRODUCTION
On October 23, 1974, President Ford signed into law P.L. 93-
463, bearing the breathless title Commodity Futures Trading Com-
mission Act of 1974' [hereinafter the CFTC Act]. The CFTC Act
followed a series of hearings, beginning in the summer of 1973, held
first by a subcommittee of the House Committee on Small Business2
and followed rapidly by the more traditional oversight committees
*Member of the Illinois Bar; A.B., Indiana University, 1959; LL.B., Yale University,
1962.
1. Pub. L. No. 93-463, 88 Stat. 1389, amending 7 U.S.C. § 1 (1970) (codified at 7
U.S.C.A. § 1 (Supp. 1, 1975)).
2. Hearings Before the Subcomm. on Special Small Business Problems of the House
Permanent Select Comm. on Small Business, 93d Cong., 1st Sess. (1973).

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