CFTC Regulatory Authority Review: Hearings Before the Subcommittee on Conservation and Credit of the Committee on Agriculture, House of Representatives, Ninety-sixth Congress, Second Session, February 12, May 21, 22, and 29, 1980 |
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Common terms and phrases
action activity agency Agriculture AMSTUTZ authority BALDUS banks believe Board of Trade brokerage firms CARSWELL cash market CBOT CFTC Chicago Board COLEMAN Comex committee commodities markets Commodity Exchange Act Commodity Futures Trading commodity margins concern Congress cost deliverable supply delivery economic Ed Jones emergency Federal Reserve FITHIAN forward contract futures contracts futures markets Futures Trading Commission GLICKMAN going GOLDSCHMIDT Government grain HANCE HARKIN hearings hedgers hedging HERBERT HUNT HUCKABY increased industry investment investors January 21 JONES of Tennessee legislation liquidation loan MADIGAN March margin calls margin requirements MARLENEE ment months Nelson Bunker Hunt NELSON HUNT open interest ounce participants percent position limits price of silver problems proposal question regulation regulatory responsibility RICHMOND risk rules securities set margins short SIBBET silver market silver prices situation soybeans speculative position statement testimony Thank tion VOLCKER WAMPLER William Herbert Hunt WILMOUTH
Popular passages
Page 37 - Commission shall maintain communications with the Department of the Treasury, the Board of Governors of the Federal Reserve System, and the Securities and Exchange Commission for the purpose of keeping such agencies fully informed of Commission activities that relate to the responsibilities of those agencies...
Page 277 - Patten, we will be glad to hear you at this time. STATEMENT OF HON.
Page 397 - For the purpose of preventing the excessive use of credit for the purchase or carrying of securities...
Page 397 - ... with respect to the amount of credit that may be initially extended and subsequently maintained on any security (other than an exempted security) registered on a national securities exchange.
Page 232 - Chairman under this paragraph. "(7) No Commissioner or employee of the Commission shall accept employment or compensation from any person, exchange, or clearinghouse subject to regulation by the Commission under this Act during his term of office, nor shall he participate, directly or indirectly, in any contract market operations or transactions of a character subject to regulation by the Commission.
Page 397 - Clearly, margin in this context refers to the required level of down payment on credit purchases of securities. In other words, the purchase of securities on margin is a credit transaction, entailing transfer of the right to use and enjoy capital assets — common stocks — and also entailing the lending of funds. In contrast, the purchase or sale of a futures contract on margin is not a credit transaction. A futures contract entitles its owner to exercise a later option to receive or deliver commodities.
Page 187 - Hearings before the Subcommittee on Conservation and Credit of the House Committee on Agriculture, 95th Congress, 2d Session 500 (1978) (Statement of Walter W.
Page 141 - Thank you for the opportunity to appear before this committee. I will be pleased to answer any questions you may have.
Page 355 - System before the Subcommittee on Commerce, Consumer and Monetary Affairs of the Committee on Government Operations...
Page 402 - In early 1979, I became convinced that the economy of the United States was in a weakening condition. This reinforced my belief that investment in precious metals was wise, and because of the rampant inflation, I felt the value of soft currency was in jeopardy. I did invest substantially in silver futures contracts, but generally such purchases were completed before July 1979 when silver was selling for approximately $8.50 per ounce. Well after I established such positions, the price of silver on...