Spun out of the Agriculture Department in 1974 when futures markets outgrew farm commodities. Its markets now dwarf the stock market by notional value, covering everything from corn futures to interest-rate swaps.
Open the interactive page for CFTC →Created byCommodity Futures Trading Commission Act of 1974 (P.L. 93-463), amending the Commodity Exchange Act
Head appointed7 U.S.C. § 2(a)(2)(A)-(B): President appoints 5 commissioners, Senate consent, 5-yr staggered terms, max 3 from one party; Chairman separately appointed by President with Senate consent from among the members (PAS)
Removal standardno statutory protection — CEA is silent; commissioners simply serve 5 years 'and until [a] successor is appointed and has qualified'
Funded underannually appropriated with no offsetting industry fees; House funds it through the Agriculture, Rural Development, FDA appropriations bill, the Senate through Financial Services and General Government — a standing jurisdictional split
Congressional oversightHouse Agriculture · Senate Agriculture, Nutrition, and Forestry
Inspector generalown OIG (designated federal entity under IG Act — IG appointed by the Commission)
Judicial reviewDirect court-of-appeals review of CFTC orders (7 U.S.C. § 9(11)); reparations orders reviewed in courts of appeals (7 U.S.C. § 18(e)); rules challengeable via APA § 702 in district court
Comment on proposed rules; report violations through its whistleblower-rewards program; vote for Congress, which is defining its jurisdiction over derivatives and crypto.
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