For Release: October 20, 2000
Statement of the Commodity Futures Trading Commission
Passage of HR 4541
Washington - The Commodity Futures Trading Commission (CFTC) strongly supports HR 4541, the Commodity Futures Modernization Act of 2000, as passed by the House of Representatives last night. This very important legislation reauthorizes the CFTC for five years, establishes legal certainty for over-the-counter derivatives transactions and creates a new, flexible structure for trading futures and options. Equally important, HR 4541 codifies an agreement reached between the CFTC and the Securities and Exchange Commission to repeal the 18-year old ban on the trading of single-stock futures in the United States. This legislation, if enacted, will help U.S. markets trading both financial and non-financial products to remain globally competitive. The CFTC looks forward to working with Congress to achieve its enactment this year.