A bill to extend the Commodity Exchange Act, and for other purposes.

[AI summary unavailable — showing source text] Amends the Commodity Exchange Act to: (1) extend the Commodity Futures Trading Commission through fiscal year 1981; (2) exclude from the definition of commodity trading advisor any dealers of cash commodities and products thereof; (3) provide for appointment of the Commission Chairman by the President, to serve at the President's pleasure; and (4) subject the use and expenditure of funds by the Chairman to the budget categories, plans, and priorities established by the Commission. Prohibits any Commissioner or employee of the Commission from making any appearance before, or communication to, the Commission on behalf of any person on any particular matter before the Commission for the period of a year following his or her last day of service. Sets forth the procedure for designating a board of trade as a contract market. Prohibits any person from engaging in commodity option transactions without express permission from the Commission. Subjects all proposed rules and regulations governing options trading to the veto prerogative of either House of Congress. Allows the registration of Commission merchants and floor brokers to extend beyond December 31st and to expire not earlier than o…