View source for Commodity Futures Trading Commission

{{short description|Government agency}}
{{Use mdy dates|date=April 2018}}
{{Infobox government agency
| agency_name     = Commodity Futures Trading Commission
| logo            = 
| logo_width      = 
| logo_caption    = 
| seal            = Commodity Futures Trading Commission seal.svg
| seal_width      = 160
| seal_caption    = Official seal
| formed          = {{start date|1974|10|23}}<ref>{{cite web|url=https://www.cftc.gov/About/HistoryoftheCFTC/history_1970s.html|title=History of the CFTC|work=CFTC}}</ref>
| chief6_name     = 
| chief6_position = 
| chief7_name     = 
| chief7_position = 
| chief8_name     = 
| chief8_position = 
| chief9_name     = 
| chief9_position = 
| parent_department = 
| parent_agency   = 
| preceding1      = Commodity Exchange Authority
| jurisdiction    = [[Federal government of the United States]]
| headquarters    = 1155 21st Street, NW, [[Washington, D.C.]]
| employees       = 677 (2021)<ref name="Agency Financial Report 2021">{{cite web |url=https://www.cftc.gov/node/238691|title=Agency Financial Report |website=Commodity Futures Trading Commission |access-date=26 July 2021}}</ref>
| budget          = 
| chief1_name     = [[Michael Selig]]
| chief1_position = Chairman
| chief2_name     = 
| chief2_position = 
| chief3_name     = 
| chief3_position = 
| chief4_name     = 
| chief4_position = 
| chief5_name     = 
| chief5_position = 
| website         = {{URL|https://www.cftc.gov/|cftc.gov}}
| footnotes       = <ref>[https://web.archive.org/web/20100106154604/http://www.cftc.gov/aboutthecftc/historyofthecftc/index.htm History of the CFTC] Retrieved from Internet Archive January 13, 2014.</ref><ref>[https://web.archive.org/web/20090505140823/http://bestplacestowork.org/BPTW/rankings/agency.php?code=CT00&q=scores_small Commodity Futures Trading Commission] Retrieved from Internet Archive January 13, 2014.</ref>
}}

The '''Commodity Futures Trading Commission''' ('''CFTC''') is an [[Independent agencies of the United States government|independent agency of the US government]] created in 1974 that regulates the U.S. derivatives markets, which includes [[futures contract|futures]], [[Swap (finance)|swaps]], and certain kinds of [[option (finance)|options]].

The [[Commodity Exchange Act]] (CEA), {{UnitedStatesCode|7|1}} ''et seq.'', prohibits fraudulent conduct in the trading of futures, swaps, and other derivatives.  The stated mission of the CFTC is to promote the integrity, resilience, and vibrancy of the U.S. derivatives markets through sound regulation.<ref>{{Cite web|url=https://www.cftc.gov/About/MissionResponsibilities/index.htm|title=Mission & Responsibilities {{!}} U.S. COMMODITY FUTURES TRADING COMMISSION|website=cftc.gov|access-date=2019-10-20}}</ref> After the [[2008 financial crisis]] and since 2010 with the [[Dodd–Frank Wall Street Reform and Consumer Protection Act]], the CFTC has been transitioning to bring more transparency and sound regulation to the multitrillion-dollar swaps market.<ref name=wsj>{{cite news |last1= Ackermann |first1=Andrew |date=April 9, 2014 |title=Senate Panel Approves Three Nominees to CFTC – WSJ  |url=https://www.wsj.com/news/articles/SB20001424052702304819004579489384108138464 |archive-url=https://web.archive.org/web/20151019105655/https://www.wsj.com/news/articles/SB20001424052702304819004579489384108138464 |archive-date=October 19, 2015 |access-date=April 14, 2018|url-access=subscription }}</ref>

==History==

{{more citations needed section|date=September 2024}}

[[Futures contracts]] for agricultural [[commodities]] have been traded in the U.S. for more than 150 years and have been under federal regulation since the 1920s.<ref>''See'' the [[Futures Trading Act of 1921]], Declared unconstitutional in [[Hill v. Wallace]] 259 U.S. 44 (1922), the [[Grain Futures Act]] of 1922 and [[Board of Trade of City of Chicago v. Olsen]] 262 US 1 (1923).</ref> The [[Grain Futures Act]] of 1922 set the basic authority and was changed by the [[Commodity Exchange Act]] of 1936 (7 U.S.C. 1 et seq.).<ref name="CRS 2005">{{cite web |title=Agriculture: A Glossary of Terms, Programs, and Laws, 2005 Edition |website=Congressional Research Service |url=https://crsreports.congress.gov/product/pdf/RL/97-905 |format=PDF |archive-url=https://web.archive.org/web/20210520110634/https://crsreports.congress.gov/product/pdf/RL/97-905 |archive-date=2021-05-20 |date=June 16, 2005}}</ref><ref name="auto">{{cite web |url=http://www.cftc.gov/cftc/cftchome.htm |publisher=CFTC |title=About}}</ref>

Since the 1970s,<ref>{{cite journal |title=Futures Markets: Their Purpose, Their History, Their Growth, Their Successes and Failures |author=Dennis W. Carlton |journal=Journal of Futures Markets |year=1984 |volume=4 |number=3 |pages=237–71 |doi=10.1002/fut.3990040302|id={{ProQuest|228205962}} }}</ref> trading in futures contracts has rapidly expanded beyond traditional physical and agricultural commodities into a vast array of financial instruments, including foreign currencies, U.S. and foreign government securities, and U.S. and foreign stock indices.<ref>{{Cite journal |last1=Jarrow |first1=Robert A. |last2=Kwok |first2=Simon S. |date=2023-12-01 |title=Futures contract collateralization and its implications |journal=Journal of Empirical Finance |volume=74 |article-number=101422 |doi=10.1016/j.jempfin.2023.101422 |issn=0927-5398|doi-access=free }}</ref>

Congress created the CFTC in 1974 as an independent federal regulatory agency. The [[Commodity Futures Trading Commission Act of 1974]] (P.L. 93-463) created the CFTC to replace the [[U.S. Department of Agriculture]]'s [[Commodity Exchange Authority]].<ref>{{Cite web |last=Rep. Poage |first=W. R. [D-TX-11 |date=1974-10-23 |title=Text - H.R.13113 - 93rd Congress (1973-1974): Commodity Futures Trading Commission Act of 1974 |url=https://www.congress.gov/bill/93rd-congress/house-bill/13113/text |access-date=2025-07-15 |website=www.congress.gov}}</ref> The Act made extensive changes to the Commodity Exchange Act (CEA) of 1936, which itself amended the original Grain Futures Act of 1922.  (7 U.S.C. 1 et seq.).<ref name="auto"/><ref name="CRS 2005" /> In 1975, the first members were selected,<ref>{{Cite web |title=History of the CFTC {{!}} CFTC |url=https://www.cftc.gov/About/HistoryoftheCFTC/history_1970s.html |access-date=2025-07-15 |website=www.cftc.gov |language=en}}</ref> and John T. O'Hara became its first chairman.{{citation needed|date=September 2024}}

The CFTC's mandate was renewed and expanded in December 2000 when Congress passed the [[Commodity Futures Modernization Act of 2000]], which instructed the [[U.S. Securities and Exchange Commission|Securities and Exchange Commission]] (SEC) and the CFTC to develop a joint regulatory regime for [[single-stock futures]], the products of which began trading in November 2002.<ref>{{Cite news |last1=Norris |first1=Floyd |date=2002-11-08 |title=A Debut Today for Single-Stock Futures (Published 2002) |work=The New York Times |url=https://www.nytimes.com/2002/11/08/business/a-debut-today-for-single-stock-futures.html |access-date=2025-10-12 |language=en}}</ref><ref>{{Cite journal |last=Fine |first=Sanford A. |date=2002 |title=Back to the (single Stock) Future: The New Regulatory Framework Governing Single-Stock Futures Trading |url=https://www.jstor.org/stable/40712233 |journal=Administrative Law Review |volume=54 |issue=1 |pages=513–533 |jstor=40712233 |issn=0001-8368}}</ref>

In 2010, the [[Dodd–Frank Wall Street Reform and Consumer Protection Act]] expanded the CFTC's regulatory authority into the [[derivatives market|swaps markets]].{{citation needed|date=September 2024}} The swaps markets currently have a notional value of more than $400 trillion.{{citation needed|date=September 2024}}

==Regulated markets==
{{more citations needed section|date=September 2024}}
The CFTC oversees the derivatives markets by encouraging their competitiveness and efficiency, ensuring their integrity, protecting market participants against manipulation, abusive trading practices, fraud, and ensuring the financial integrity of the [[Clearing (finance)|clearing process]].{{citation needed|date=September 2024}} The CFTC generally does not directly regulate the safety and soundness of individual firms, with the exception of newly regulated swap dealers and major swap participants, for whom it sets capital standards pursuant to Dodd–Frank.<ref name="murphy">{{cite web|last=Murphy|first=Edward V|title=Who Regulates Whom and How? An Overview of U.S. Financial Regulatory Policy for Banking and Securities Markets |url=https://www.fas.org/sgp/crs/misc/R43087.pdf |publisher=Congressional Research Service|access-date=March 14, 2014|page=51|format=CRS Report for Congress,7-5700|date=May 28, 2013}}</ref> Through oversight, the CFTC enables the derivatives markets to serve the function of [[price discovery]] and offsetting price risk.{{citation needed|date=September 2024}}

As of 2014 the CFTC oversees 'designated contract markets' (DCMs) or [[exchange (organized market)|exchanges]], [[Swap Execution Facility|swap execution facilities]] (SEFs), derivatives [[Clearing house (finance)|clearing organizations]], [[Trade Repository|swap data repositories]] (SDRs), [[derivative (finance)|swap]] dealers, [[futures commission merchant]]s, [[commodity pool operator]]s and other intermediaries.{{citation needed|date=September 2024}} The CFTC coordinates its work with foreign regulators, such as its UK counterpart, the [[Financial Conduct Authority]], which supervises the [[London Metal Exchange]].<ref name=McGonagle>{{cite web|title=Testimony of Vincent McGonagle, Director Division of Market Oversight, Commodity Futures Trading Commission Before the Financial Institutions and Consumer Protection Subcommittee Senate Committee on Banking, Housing, and Urban Affairs |url=https://www.cftc.gov/PressRoom/SpeechesTestimony/opamcgonagle011514|date=January 15, 2014|access-date=March 13, 2014}}</ref>

===Over-the-counter derivatives===
[[File:Brooksley Born.jpg|thumb|upright|[[Brooksley Born]]]]
In 1998 CFTC chairperson [[Brooksley Born|Brooksley E. Born]] lobbied Congress and the President<ref name=Hirsh20101213>{{cite news|url=https://archive.org/details/capitaloffenseho00/page/352|title=Capital Offense: How Washington's Wise Men Turned America's Future Over to Wall Street|pages=[https://archive.org/details/capitaloffenseho00/page/352 352 pages]|date=December 13, 2010|author=Michael Hirsh|isbn=978-0-470-52067-3|access-date=February 20, 2013|newspaper=The New York Times|url-access=registration}}</ref>{{page needed|date=January 2015}}<ref name="the_warning">{{citation |title= The Warning | publisher=[[Public Broadcasting Service|PBS]] | work= [[Frontline (U.S. TV series)|Frontline]]}}</ref> to give the CFTC oversight of 'off-exchange markets' for [[Over the counter (finance)|over-the-counter]] (OTC) [[Derivative (finance)|derivatives]] in addition to its existing oversight of exchange-traded derivatives,<ref name="conceptrelease">[http://www.cftc.gov/opa/press98/opamntn.htm "Concept Release Concerning Over-The-Counter Derivatives market"], CFTC Release #4142-98, May 7, 1998.</ref> but her warnings were opposed by other regulators.<ref name="nytimes">{{cite news|last=Goodman|first=Peter S.|url=https://archive.nytimes.com/www.nytimes.com/2008/10/09/business/economy/09greenspan.html|title=Taking Hard New Look at a Greenspan Legacy|work=The New York Times|date=October 9, 2008|page=A1|access-date=February 15, 2025}}</ref>

Two actions by the CFTC in 1998 led some market participants to express concerns that the CFTC might modify the "Swap Exemption" and attempt to impose new regulations on the swaps market.<ref name="wg_otc_deriv">{{citation|title=Over-the-Counter Derivatives Markets and the Commodity Exchange Act |url=http://www.ustreas.gov/press/releases/reports/otcact.pdf |publisher=President's [[Working Group on Financial Markets]] |work=press release |archive-url=https://web.archive.org/web/20101013165049/http://www.ustreas.gov/press/releases/reports/otcact.pdf |archive-date=October 13, 2010 }}</ref> First, in a February 1998 comment letter addressing the SEC's "broker-dealer lite" proposal, the CFTC stated that the SEC's proposal would create the potential for conflict with the Commodity Exchange Act (CEA) to the extent that certain OTC derivative instruments fall within the ambit of the CEA and are subject to the exclusive statutory authority of the CFTC.<ref>Letter from Jean A. Webb, Secretary, CFTC, to Jonathan G. Katz, Secretary, SEC (February 26, 1998).</ref>

In May 1998 the CFTC issued a 'concept release' requesting comment on whether regulation of OTC derivatives markets was appropriate and, if so, what form such regulation should take.<ref>Over-the-Counter Derivatives, 63 Fed. Reg. 26,114 (May 12, 1998).</ref> Legislation enacted in 1999 at the request of the [[US Treasury]], the [[Federal Reserve Board]], and the SEC limited the CFTC's rulemaking authority with respect to swaps and hybrid instruments until March 30, 1999, and froze the pre-existing legal status of swap agreements and hybrid instruments entered into in reliance on the 'Swap Exemption', the 'Hybrid Instrument Rule', the 'Swap Policy Statement, or the 'Hybrid Interpretation'.<ref>{{cite web | url=http://www.gpo.gov/fdsys/pkg/PLAW-105publ277/html/PLAW-105publ277.htm | title= Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 1999, § 760, as enacted in Omnibus Consolidated and Emergency Supplemental Appropriations Act, 1999, Pub. L. No. 105-277, 112 Stat. 2681, 2681–35 (1998).}}</ref> The text of that act read: "...the Commission may not propose or issue any rule or regulation, or issue any interpretation or policy statement, that restricts or regulates activity in a qualifying hybrid instrument or swap agreement".{{citation needed|date=September 2024}}  Shortly after Congress had passed this legislation prohibiting CFTC from regulating derivatives, Born resigned.<ref name="the_warning"/> She later commented the failure of [[Long-Term Capital Management]] and the subsequent bailout as being indicative what she had been trying to prevent.<ref name="the_warning"/><ref group=notes>Born was the focus of an October 2009 Frontline documentary titled "The Warning" and was also chronicled in the documentary ''[[Inside Job (2010 film)|Inside Job]]''. The two films recount her attempts to investigate and regulate the OTC [[derivative (finance)|derivative]]s market (PBS Frontline The Warning)</ref>

===Regulating digital currencies===
In March 2014 the CFTC acknowledged it was considering the regulation of Bitcoin.<ref>{{cite news|title=U.S. swaps watchdog says considering bitcoin regulation|url=https://www.reuters.com/article/us-bitcoin-regulation-idUSBREA2A1W020140311 |access-date=March 11, 2014|newspaper=Reuters.com|date=March 11, 2014}}</ref> The CFTC has since taken the position that Bitcoin is a commodity under the CEA.{{citation needed|date=September 2024}} In October 2019, former CFTC Chairman Heath Tarbert, now Chief Legal Officer of [[Citadel Securities]], declared that ether was also a commodity under the CEA.<ref>{{Cite web|url=https://finance.yahoo.com/news/cftc-says-cryptocurrency-ether-is-a-commodity-and-is-open-to-ether-derivatives-133455545.html|title=CFTC says cryptocurrency ether is a commodity, and ether futures are next|website=finance.yahoo.com|language=en-US|access-date=2019-10-20}}</ref>

In 2015, the CFTC ruled that for purposes of trading, cryptocurrencies were legally classified as commodities.<ref>{{cite web |title=A CFTC Primer on Virtual Currencies |url=https://www.cftc.gov/sites/default/files/idc/groups/public/documents/file/labcftc_primercurrencies100417.pdf |website=U.S. Consumer Commodities Trading Commission |publisher=U.S. Government |access-date=7 February 2019}}</ref> However, in view of market volatility and other factors, the CFTC noted several risks associated with trading virtual currencies.<ref>{{cite web |title=Understand the Risks of Virtual Currency Trading |url=https://www.cftc.gov/sites/default/files/idc/groups/public/@customerprotection/documents/file/customeradvisory_urvct121517.pdf |website=Commodities Futures Trading Commission |access-date=16 November 2018}}</ref> In 2017, the CFTC cited the US SEC's warning against digital token sales and initial coin offerings (ICOs) that can "improperly entice investors with promises of high returns".<ref>{{cite web |title=Investor Bulletin: Initial Coin Offerings |url=https://www.sec.gov/oiea/investor-alerts-and-bulletins/ib_coinofferings |publisher=US Securities and Exchange Commission |access-date=16 November 2018}}</ref> In recent years,{{when|date=September 2025}} the CFTC has expanded its efforts to civilly prosecute fraud and misappropriation in the digital asset markets.{{citation needed|date=September 2024}}

==Organization==
Based in Washington, D.C., the CFTC maintains regional offices in Chicago, New York and Kansas City, Missouri.{{citation needed|date=September 2024}} The Commission consists of five [[Commissioners of the CFTC|Commissioners]] appointed by the President of the United States to serve staggered five-year terms.<ref>{{USC|7|2#a_2}}</ref> The commissioners may continue to serve until their successor is confirmed, but not beyond the expiration of the next session of Congress subsequent to the expiration their term.<ref>{{USC|7|2#a_2}}</ref> The President, with the consent of the [[United States Senate]], designates one of the commissioners to serve as chairman.<ref>{{USC|7|2#a_2}}</ref> No more than three commissioners at any one time may be from the same political party.<ref>{{USC|7|2#a_2}}</ref>

===Current commissioners===
[[File:CFTC Commissioner Caroline D. Pham.jpg|thumb|Acting Chairman [[Caroline Pham]]]]
The current CFTC commissioners {{as of|lc=y|df=US|2025|12|22}}:<ref>{{cite web |url=https://www.cftc.gov/About/Commissioners/index.htm |title=Current CFTC Commissioners |author=<!--Not stated--> |date=<!--Not stated--> |website=CFTC.gov |publisher=Commodity Futures Trading Commission |access-date=June 5, 2025}}</ref>
{| class="wikitable sortable" style="text-align:center"
! Position
! Name
! Party
! Took office
! Term expires
|-
! Chairman
| [[Michael Selig]]
| {{party shading/Republican}} | Republican
| {{dts|2025|12|22}}
| {{dts|2029|04|13}}
|-
! Member
| Vacant
| —
| —
| {{dts|2026|06|19}}
|-
! Member
| Vacant
| —
| —
| {{dts|2027|04|13}}
|-
! Member
| Vacant
| —
| —
| {{dts|2028|04|13}}
|-
! Member
| Vacant
| —
| —
| {{dts|2030|04|13}}
|}

===Major operating units===

====Division of Enforcement====
The Division of Enforcement (DOE) investigates and prosecutes alleged violations of the Commodity Exchange Act and CFTC regulations. Violations may involve commodity futures or option trading on domestic commodity exchanges, or the improper marketing of commodity investments. The Division may, at the direction of the commission, file complaints before the agency's administrative law judges or in the [[U.S. District Courts]]. Alleged criminal violations of the Commodity Exchange Act or violations of other Federal laws which involve commodity [[futures trading]] may be referred to the Justice Department for prosecution. The Division also provides expert help and technical assistance with case development and trials to U.S. Attorneys' Offices, other Federal and state regulators, and international authorities.

==== Division of Market Oversight ====
The Division of Market Oversight (DMO) has regulatory responsibility for initial recognition and continuing oversight of trade execution facilities, including new registered futures exchanges, swap execution facilities, and swap data repositories. The regulatory functions of the Division include, among other things, rule enforcement reviews, reviews of new products and product- and market-related rule amendments, and associated product and market-related studies. The Division was previously responsible for market and trade practice surveillance.

====Market Participants Division====
Formerly known as the Division of Swap Dealer and Intermediary Oversight, the Market Participants Division (MPD) primarily oversees derivatives market intermediaries, including commodity pool operators, commodity trading advisors, futures commission merchants, introducing brokers, major swap participants, retail foreign exchange dealers, and swap dealers, as well as designated self-regulatory organizations. MPD conducts the registration, compliance, and business conduct standards of intermediaries, swap dealers and major swap participants. The division also oversees the agency's customer education initiatives.

====Division of Clearing and Risk====
The Division of Clearing and Risk (DCR) oversees derivatives clearing organizations (DCOs) and other market participants in the clearing process. These include futures commission merchants, swap dealers, major swap participants, and large traders. DCR monitors the clearing of futures, options on futures, and swaps by DCOs, assesses DCO compliance with Commission regulations, and conducts risk assessment and surveillance. DCR also makes recommendations on DCO applications and eligibility, rule submissions, and which types of swaps should be cleared.<ref>{{Cite web|url=https://www.cftc.gov/About/CFTCOrganization/index.htm|title=CFTC Organization {{!}} U.S. COMMODITY FUTURES TRADING COMMISSION|website=cftc.gov|access-date=2019-07-22}}</ref> As of 2019, Clark Hutchison serves as Director of the Division of Clearing and Risk.<ref>{{Cite web|url=https://www.cftc.gov/PressRoom/PressReleases/7987-19|title=Chairman Tarbert Announces Key Executive Leadership Appointment {{!}} U.S. COMMODITY FUTURES TRADING COMMISSION|website=cftc.gov|access-date=2019-10-20}}</ref>

===List of past commissioners===
This list is sourced from the CFTCs website.<ref>{{cite web |url=https://www.cftc.gov/About/Commissioners/FormerCommissioners/index.htm |title=Former Commissioners |author=<!--Not stated--> |date=<!--Not stated--> |website=CFTC.gov |publisher=Commodity Futures Trading Commission |access-date=June 5, 2025}}</ref>
* [[Caroline Pham]] (term of Service 04/14/22 – 12/22/25)
* [[Kristin N. Johnson]] (term of Service 03/20/22 – 09/03/25)
* [[Christy Goldsmith Romero]] (term of Service 03/20/22 – 05/31/25)
* [[Summer Mersinger|Summer K. Mersinger]] (term of Service 03/20/22 – 05/31/25)
* [[Rostin Behnam]] (Acting Chairman 01/21/21 – 01/04/22) (Chairman 01/04/22 – 01/20/25) (term of Service 09/06/17 – 02/07/25)
* [[Dan Berkovitz|Dan M. Berkovitz]] (term of Service 09/07/18 – 10/15/21)
* [[Brian Quintenz|Brian D. Quintenz]] (term of Service 08/15/17 – 08/31/21)
* [[Heath Tarbert]] (Chairman 07/15/2019 – 01/21/2021) (term of Service 07/15/2019 – 03/05/2021)
* [[J. Christopher Giancarlo]] (Acting Chairman 01/20/17 – 08/03/17) (Chairman 08/03/17 – 04/13/19) (term of Service 06/06/14 – 06/05/19)
* [[Sharon Y. Bowen]] (term of Service 06/09/14 – 09/29/17)
* [[Timothy Massad]] (term of Service 6/5/14 – 02/17/17)
* [[Mark P. Wetjen]] (term of Service 10/25/11 – 08/28/15)
* [[Scott D. O'Malia]] (term of Service 10/19/09 – 08/08/14)
* [[Bart Chilton]] (term of Service 08/08/07 – 03/21/14)
* [[Gary Gensler]] (Chairman 05/26/09 – 01/3/14) (term of Service 05/26/09 – 01/3/14)
* [[Jill E. Sommers]] (term of Service 08/08/07 – 07/08/13)
* [[Michael V. Dunn]] (Acting Chairman 1/20/09 – 5/25/09)  (term of Service 11/21/04 – 10/24/11)
* [[Walter L. Lukken]] (Acting Chairman 6/27/07- 01/20/09) (term of Service 08/07/02 – 07/10/09)
* [[Reuben Jeffery III|Reuben Jeffery, III]] (chairman 07/11/05 – 6/27/07) (term of Service 07/11/05 – 06/27/07)
* [[Frederick W. Hatfield]] (term of Service 12/06/04 – 12/31/06)
* [[Sharon Brown-Hruska]] (Acting Chairman 08/24/04 – 07/10/05) (term of Service 08/07/02 – 07/28/06)
* [[James E. Newsome]] (Acting Chairman 01/20/01 – 12/27/01) (chairman 12/27/01 – 07/23/04) (term of Service 08/10/98 – 07/23/04)
* [[Thomas J. Erickson]] (term of Service 06/21/99 – 12/01/02)
* [[Barbara P. Holum]] (Acting Chairwoman 12/22/93 – 10/07/94)  (term of Service 11/28/93 – 12/09/03)
* [[David D. Spears]] (Acting Chairman 06/02/99 – 08/10/99) (term of Service 09/03/96 – 12/20/01)
* [[Brooksley Born|Brooksley E. Born]] (Chairwoman 08/26/96 – 06/01/99)
* [[John E. Tull, Jr.]] (Acting Chairman 01/27/96 – 08/25/96)  (term of Service 11/24/93 – 02/27/99)
* [[Joseph B. Dial]] (term of Service 06/20/91 – 11/13/97)
* [[Mary Schapiro|Mary L. Schapiro]] (Chairwoman 10/13/94 – 01/26/96)  (term of Service 10/13/94 – 01/26/96)
* [[Sheila Bair|Sheila C. Bair]] (Acting Chairwoman 08/22/93 – 12/21/93)  (term of Service 05/02/91 – 06/16/95)
* [[William P. Albrecht]] (Acting Chairman 01/22/93 – 08/20/93)  (term of Service 11/22/88 – 08/20/93)
* [[Wendy Lee Gramm|Wendy L. Gramm]] (term of Service 02/22/88 – 01/22/93)
* [[Fowler C. West]] (term of Service 10/06/82 – 01/20/93)
* [[Kalo A. Hineman]] (Acting Chairman 07/27/87 – 02/22/83)  (term of Service 01/12/82 – 06/19/91)
* [[Robert R. Davis]] (terms of Service 10/03/84 – 04/30/90)
* [[William Rainer]] (term of Service 08/11/99 – 01/19/01)
* [[William E. Seale]] (term of Service 11/16/83 – 09/01/88)
* [[Susan M. Phillips|Susan M. Philips]] (Chairwoman 11/17/83 – 07/24/87) (Acting Chairwoman 05/28/83 – 11/16/83)  (term of Service 11/16/81 – 07/24/87)
* [[Philip McBride Johnson]] (Chairman 6/8/81 – 5/01/83) (term of Service 06/06/81 – 05/01/83)
* [[James M. Stone (CFTC)|James M. Stone]] (Chairman 05/04/79 – 06/08/81)  (term of Service 05/04/79 – 01/31/83)
* [[Read P. Dunn]] (term of Service 04/15/75 – 11/13/81)
* [[David G. Gartner]] (term of Service 05/19/78 – 10/05/82)
* [[Robert L. Martin]] (term of Service 06/20/75 – 08/31/81)
* [[Gary L. Seevers]] (Acting Chairman 12/06/78 – 05/03/79)  (term of Service 04/15/75 – 06/01/79)
* [[Bill Bagley]] (term of Service 04/15/75 – 11/15/78)
* [[John V. Rainbolt]] (term of Service 04/15/75 – 05/18/78)

===Notable events of past commissioners===
Roy Lavik served as the CFTC (Commodity Futures and Trading Commission) Inspector General from 1990 until 2023. On May 3, 2023, the Wall Street Journal Reports that Mr. Lavik was suspended by the CFTC as the Inspector General after an oversight body alleging "Substantial Misconduct". Complaints of misconduct go back as far as late 2018. Allegations include:

* Divulging the identity of whistleblowers on multiple occasions
* Misappropriating around $165,000 in funds for a hire that did little or no work
* Violating agency security policies by allowing others to use his username and password to access sensitive systems

<ref>{{cite web| url=https://www.wsj.com/articles/federal-agency-suspends-inspector-general-after-oversight-body-alleged-substantial-misconduct-8be1ce61 |title=Suspended for Misconduct|work=Federal Agency Suspends Inspector General After Oversight Body Alleged 'Substantial Misconduct' |date=May 3, 2023 |access-date=May 3, 2023 |last1=Osipovich |first1=Alexander |last2=Kiernan |first2=Paul }}</ref>

==Funding/budget==
Unlike the other four main financial regulators, the CFTC does not have self-funding. A transaction fee has been "requested" for several years but Congress has not taken any legislative action. During the government shut down in October 2013, SEC and Federal Reserve stayed open, but "futures and most swaps markets were left with essentially no cop on the beat".<ref name=Chilton />

In 2007, the CFTC's  budget was {{US$|long=no|98 million}} and it had 437 full-time equivalent employees (FTEs). After 2008, funding increased by 80% to {{US$|long=no|205 million}} and 687 FTEs for fiscal year (FY) 2012, but was cut to {{US$|long=no|180.4 million}} and 682 FTEs for FY 2013.<ref>{{cite news |title=House panel sticks with CFTC funding cut|url=https://www.reuters.com/article/us-usa-cftc-funding-idUSBRE85I1FD20120619|access-date=March 14, 2014|newspaper=Reuters.com|date=Jun 19, 2012|quote=Georgia Republican Jack Kingston faulted the CFTC for not preventing or foreseeing the collapse of M.F. Global last year or J.P. Morgan's loss of more than $2 billion in derivatives trade this year. "We spent a lot of money. What did we get for it? Zero," said Kingston, adding, "We're not seeing brilliance."}}</ref> In 2013 CFTC's performance was severely affected by limited resources and had to delay cases.<ref>{{cite news |title=CFTC Backs Off, Lacking Funding|url=https://www.wsj.com/news/articles/SB20001424052702303843104579169901294571302 |access-date=March 14, 2014|newspaper=WSJ.com|date=November 1, 2013|author=Jean Eaglesham}}</ref> The current, FY 2014 funding of {{US$|long=no|215 M}} did not keep up with CFTC's increasing swaps market oversight and regulation, equivalent to tens of trillions of dollars in formerly dark market trading, according to outgoing Commissioner Bart Chilton in his last speech.<ref name=Chilton>{{cite web|title=Statement of Commissioner Bart Chilton on the President's FY 2015 Budget |url=http://www.cftc.gov/PressRoom/SpeechesTestimony/chiltonstatement030414|work=Press Room|publisher=CFTC|access-date=March 14, 2014 |date=March 4, 2014}}</ref> The Obama administration's latest budget proposal for FY 2015 requested {{US$|long=no|280 M}}, which is {{US$|long=no|35 M}} less than the request for the previous year,<ref>{{cite news|title=Obama to Request 30% Bump in CFTC Funding|url=https://www.wsj.com/articles/obama-to-request-30-bump-in-cftc-funding-1393639312|access-date=March 14, 2014 |newspaper=WSJ|date=February 28, 2014|author=Andrew Ackerman}}</ref> and would fund "100 less employees than we need" per Chilton, who called the budget "woefully insufficient" for CFTC's more than 40-fold increased purview.<ref name=Chilton />

In February 2014, Commissioner Scott D. O'Malia dissented from the FY 2014 spending plan saying that it did not allocate enough funding to new technology investments, but allocated too much to swap dealer oversight, duplicating the work of the self-regulatory [[National Futures Association]].<ref>{{cite web|title=Statement of Dissent by Commissioner Scott D. O'Malia, Fiscal Year 2014 Spending Plan|url=http://www.cftc.gov/PressRoom/SpeechesTestimony/omaliastatement022714|work=Press Room |publisher=CFTC |access-date=March 14, 2014|date=February 27, 2014}}</ref> In March 2014 he dissented from the FY 2015 budget request stating CFTC "makes an unrealistic request for new staff and funding in this budget request without a firm understanding of its mission priorities, specific goals, and corresponding personnel and technology needs."<ref>{{cite web|title=Statement of Dissent by Commissioner Scott D. O'Malia, Fiscal Year 2015 President's Budget & Performance Plan |url=http://www.cftc.gov/PressRoom/SpeechesTestimony/omaliastatement030514 |work=Press Room |publisher=CFTC|access-date=March 14, 2014 |date=March 5, 2014}}</ref>

In December 2019, the CFTC secured funding of {{US$|long=no|284 million}} for FY2020, an increase of nearly 6 percent from the {{US$|long=no|268 million}} appropriated for FY2019.<ref>{{cite news |last1=Mejdrich |first1=Kellie |title=Twitter |url=https://twitter.com/kelmej/status/1206707360045129728 |date=December 16, 2019}}</ref> Chairman Tarbert commented that this "fully matched" the CFTC's request, the first time that had happened in "nearly a decade".<ref>{{cite web |last1=Tarbert |first1=Heath |title=Tweet on December 16, 2019 |url=https://twitter.com/ChairmanHeath/status/1206737517032202240 |website=Twitter.com |access-date=24 April 2020}}</ref>

== Primary exchanges monitored ==
* [[Chicago Board Options Exchange]]
* [[Chicago Board of Trade]]
* [[Chicago Mercantile Exchange]]
* [[New York Mercantile Exchange|COMEX]]
* [[Kansas City Board of Trade]]
* [[Minneapolis Grain Exchange]]
* [[Nadex|North American Derivatives Exchange]]
* [[New York Mercantile Exchange]]
* [[New York Board of Trade]]
* [[Single-stock futures|OneChicago]]

==See also==
{{div col|colwidth=30em}}
* [[Commodity]]
* [[Economic analysis of climate change|CFTC report]]
* [[Federal Trade Commission]]
* [[Forex scam]]
* [[Hunter Wise Commodities]]
* [[Managed futures account]]
* [[Futures Industry Association]], trade organization
* [[Securities market participants (United States)]]
* [[Title 17 of the Code of Federal Regulations]]
* [[CFTC Whistleblower Program]]
* [[2000s commodities boom]]
* [[2020s commodities boom]]
* [[Digital Commodities Consumer Protection Act]]
* [[List of financial supervisory authorities by country]]
{{div col end}}

==Notes==
{{Reflist|group=notes}}

==References==
{{Reflist}}

==Further reading==
* [https://www.pbs.org/wgbh/pages/frontline/warning/ "The Warning"], [[Public Broadcasting Service|PBS]]([[WGBH-TV|WGBH]]) [[Frontline (U.S. TV series)|Frontline]] October 20, 2009. Documentary about 2008 financial collapse with [[Brooksley Born]] speaking about her failed campaign to regulate the derivatives market. https://randosity.wordpress.com/2010/11/26/film-review-the-warning-pbs-frontline-documentary/<nowiki/> See also: [https://www.pbs.org/wgbh/pages/frontline/warning/etc/sitemap.html Background material]
* [https://fas.org/sgp/crs/misc/R43117.pdf The Commodity Futures Trading Commission: Background and Current Issues] published by the [[Congressional Research Service]] June 24, 2013, 379 KB, 23pp
* [https://www.bloomberg.com/news/articles/2015-01-22/cftc-official-tied-to-wall-street-profits-from-merger-fight CFTC Official Tied to Wall Street Profits From Merger Fight] (January 2015), ''[[Bloomberg Businessweek]]''

==External links==
* {{Official website}}
* [https://www.federalregister.gov/agencies/commodity-futures-trading-commission Commodity Futures Trading Commission] in the [[Federal Register]]
* [https://www.usaspending.gov/agency/commodity-futures-trading-commission Commodity Futures Trading Commission] on [[USAspending.gov]]

{{Presidency of Gerald Ford}}
{{Authority control}}

[[Category:Commodity Futures Trading Commission| ]]
[[Category:Financial services companies established in 1974]]
[[Category:Financial regulatory authorities of the United States]]
[[Category:Government agencies established in 1974]]
[[Category:Independent agencies of the United States government]]