{{Short description|United States federal law}} {{Infobox U.S. legislation | shorttitle = Futures Trading Act | othershorttitles = Futures Trading Act of 1921 | longtitle = An Act taxing contracts for the sale of grain for future delivery, and options for such contracts, and providing for the regulation of boards of trade, and for other purposes. | colloquialacronym = | nickname = | enacted by = 67th | effective date = August 24, 1921 | public law url = | cite public law = {{USPL|67|66}} | cite statutes at large = {{USStat|42|187}} | acts amended = | acts repealed = | title amended = 7 U.S.C.: Agriculture | sections created = <!--{{USC}} can be used--> | sections amended = {{Usc-title-chap|7|1}} § 1 | leghisturl = | introducedin = House | introducedbill = {{USbill|67|H.R.|5676}} | introducedby = Jasper N. Tincher (R-KS) | introduceddate = May 3, 1921 | committees = House Agriculture Committee | passedbody1 = House | passeddate1 = May 13, 1921 | passedvote1 = [http://www.govtrack.us/congress/votes/67-1/h19 269-69] | passedbody2 = | passedas2 = <!-- used if the second body changes the name of the legislation --> | passeddate2 = | passedvote2 = | conferencedate = August 23, 1921 | passedbody3 = House | passeddate3 = August 23, 1921 | passedvote3 = [http://www.govtrack.us/congress/votes/67-1/h99 341-9] | agreedbody3 = <!-- used when the other body agrees without going into committee --> | agreeddate3 = <!-- used when the other body agrees without going into committee --> | agreedvote3 = <!-- used when the other body agrees without going into committee --> | agreedbody4 = <!-- used if agreedbody3 further amends legislation --> | agreeddate4 = <!-- used if agreedbody3 further amends legislation --> | agreedvote4 = <!-- used if agreedbody3 further amends legislation --> | passedbody4 = Senate | passeddate4 = August 23, 1921 | passedvote4 = passed | signedpresident = Warren G. Harding | signeddate = August 24, 1921 | unsignedpresident = <!-- used when passed without presidential signing --> | unsigneddate = <!-- used when passed without presidential signing --> | vetoedpresident = <!-- used when passed by overriding presidential veto --> | vetoeddate = <!-- used when passed by overriding presidential veto --> | overriddenbody1 = <!-- used when passed by overriding presidential veto --> | overriddendate1 = <!-- used when passed by overriding presidential veto --> | overriddenvote1 = <!-- used when passed by overriding presidential veto --> | overriddenbody2 = <!-- used when passed by overriding presidential veto --> | overriddendate2 = <!-- used when passed by overriding presidential veto --> | overriddenvote2 = <!-- used when passed by overriding presidential veto --> | amendments = | SCOTUS cases = {{unbulleted list|Hill v. Wallace, 259 U.S. 44 (1922)|Trusler v. Crooks, 269 U.S. 475 (1926)}} }} The '''Future Trading Act of 1921''' ({{USPL|67|66}}, {{USStat|42|187}}) was a United States Act of Congress, approved on August 24, 1921, by the 67th United States Congress intended to institute regulation of grain futures contracts and, particularly, the exchanges on which they were traded. It was the second federal statute that attempted to regulate futures contracts after the short lived Anti-Gold Futures Act of 1864.
The act imposed a tax of 20 cents a bushel on all contracts for the sale of grain for future delivery other than those on exchanges regulated by the U.S. Department of Agriculture that met standards set out in the statute. Twenty cents a bushel was considered a large sum by the standards of the day.
The Act was held to be unconstitutional by the U.S. Supreme Court in ''Hill v. Wallace'' on May 15, 1922. About four years later, on January 11, 1926, the Court announced a related decision in ''Trusler v. Crooks''.
The Grain Futures Act of 1922 was ruled constitutional in Board of Trade of City of Chicago v. Olsen.
==External links== * {{OCLC search link|10050546}}
{{Warren G. Harding}} {{US farm acts}}
Category:Futures markets Category:United States federal commodity and futures legislation Category:1921 in American law