Future Exchange Act

[AI summary unavailable — showing source text] Futures Exchange Act - Title I: Furtures Exchange Commission - Expresses the findings of Congress. Declares that the purpose of this Act is to prevent improper restraint of interstate and foreign commerce in the trading of futures contracts. Sets forth the definitions of terms used in this Act. Establishes, as an independent agency of the United States Government, the Futures Exchange Commission. States that the President shall appoint, by and with the advice and consent of the Senate, a member of the Commission as Chairman. Enumerates the powers of the Chairman. Directs the President to appoint, by and with the advice and consent of the Senate, a General Counsel of the Commission, who is its chief legal officer. Title II: Registration and Reporting - Makes it unlawful for an exchange to permit futures contracts to be traded upon it unless the exchange is registered with the Commission. States that the Commission shall register an exchange after the exchange files a registration statement with the Commission. Specifies the form and procedure for such registration. Provides that any exchange, or the Commission if the exchange fails to act, may suspend, expell, or discipline any pers…