Commodity Futures Trading Commission Act of 1974

In October 1974, the Commodity Futures Trading Commission (CFTC) Act was signed into law by President Gerald Ford. The CFTC Act overhauled the Commodity Exchange Act and created the CFTC, as an independent agency with powers greater than those of its predecessor agency, the Commodity Exchange Authority. While the Commodity Exchange Authority was responsible for regulating only those agricultural commodities enumerated in the Commodity Exchange Act, the 1974 Act granted the CFTC exclusive jurisdiction over futures trading in all commodities.