Commodity Futures Exchange Act

[AI summary unavailable — showing source text] Commodity Futures Exchange Act - Repeals the Grain Futures Act of September 21, 1922. Sets forth the definitions of terms used in this Act. Establishes a Commodity Exchange Commission, composed of seven Commissioners appointed by the President by and with the advice and consent of the Senate. Specifies the requirements and terms of office of such Commissioners. Makes specified Acts unlawful, including delivery through the mails or in interstate commerce by telephone or other means of communication of any offer, confirmation, quotation or report of the price of, any contract of sale of any commodity for future delivery on or subject to the rules of any board of trade in the United States. Directs the Commission to fix limits on the amount of trading which may be done or positions which may be held by any person under contracts of sale for future delivery on or subject to the rules of any contract market as the Commission finds are necessary to diminish, eliminate, or prevent specified burdens. Prescribes the procedure for promulgation of such orders. Enumerates the items to be included in the amount of any commodity which may be hedged by any person. Specifies additional actions mad…