Futures Trading Act of 1921

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Futures Trading Act of 1921

Legislation in the United States that imposed a 20 cent per bushel tax on all grain futures that were not registered and regulated by the U.S. Department of Agriculture. The Act was intended to impose regulation on futures contracts and exchanges. It was declared unconstitutional in 1921.
References in periodicals archive ?
The Capital Market and Financial Investment Business Act, which was promulgated in August 2007, went into effect as of February 4, 2008, replacing six separate laws governing the financial services sector: the Securities and Exchange Act, the Futures Trading Act, the Indirect Investment Asset Management Business Act, the Trust Business Act, the Merchant Banks Act, and the Securities Futures Exchange Act.
The accord, subsequently enacted into law as part of the Futures Trading Act of 1982, gave the CFTC exclusive jurisdiction over futures and futures options contracts, and recognized the SEC as the sole regulator of securities and currency options traded on national securities exchanges.
44, 45 (1922) (holding the Futures Trading Act unconstitutional as an improper exercise of the congressional taxing power because sales for future delivery on the Board of Trade were not interstate commerce).