Grain Futures Act
GRAIN FUTURES ACT
GRAIN FUTURES ACT. The Grain Futures Act, passed on 21 September 1922, reestablished government control over commodity exchanges, which had been nullified by invalidation of the act of 24 August 1921 (Hill v. Wallace, 259 U.S. 44 [1922]). Omitting tax provisions, Congress reenacted similar regulations, based solely on the power to regulate interstate commerce, which were upheld by the Supreme Court in an assertion of the "stream-of-commerce" doctrine (Chicago Board of Trade v. Olsen, 262 U.S. 1 [1923]). The Grain Futures Administration assisted the secretary of agriculture in enforcement of the provision that all trading in grain futures must be at grain exchanges designated as contract markets submitting daily reports. The Commodity Exchange Act of 15 June 1936 further expanded federal control over other agricultural products by eliminating the exemptions for owners and growers of grain and their associations. This act was superseded in 1974 by the Commodity Futures Trading Commission Act.
BIBLIOGRAPHY
Fite, Gilbert Courtland. George N. Peek and the Fight for Farm Parity. Norman: University of Oklahoma Press, 1954.
Saloutos, Theodore, and John D. Hicks. Agricultural Discontent in the Middle West, 1900–1939. Madison: University of Wisconsin Press, 1951.
George C.Robinson/t. m.