# Future Trading Act

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{{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| acts repealed   = 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](/source/Title_7_of_the_United_States_Code)
| 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](/source/Jasper_N._Tincher) ([R](/source/Republican_Party_(United_States))-[KS](/source/Kansas))
| introduceddate  = May 3, 1921
| committees      = [House Agriculture Committee](/source/United_States_House_Committee_on_Agriculture)
| 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](/source/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)](/source/Hill_v._Wallace)|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](/source/Act_of_Congress), approved on August 24, 1921, by the [67th United States Congress](/source/67th_United_States_Congress) intended to institute regulation of grain [futures contract](/source/futures_contract)s and, particularly, the [exchanges](/source/Exchange_(organized_market)) 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](/source/Anti-Gold_Futures_Act_of_1864). 

The act imposed a tax of 20 cents a [bushel](/source/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](/source/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](/source/U.S._Supreme_Court) in ''[Hill v. Wallace](/source/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](/source/Trusler_v._Crooks)''.

The [Grain Futures Act](/source/Grain_Futures_Act) of 1922 was ruled constitutional in [Board of Trade of City of Chicago v. Olsen](/source/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

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Adapted from the Wikipedia article [Future Trading Act](https://en.wikipedia.org/wiki/Future_Trading_Act) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Future_Trading_Act?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.