Regulation And Trading of Leverage Contracts And Dealer Options Hearing Before
Regulation And Trading of Leverage Contracts And Dealer Options Hearing Before
Credit United States Congress House Committee On Agric
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Nevertheless, the CFTC had not promulgated comprehensive leverage rules due to its concern that such rules would legitimize instruments that had no commercial value and were the source of never ending customer com- plaints. Compounding congressional concern, the states were precluded from applying their regulatory schemes to leverage because leverage was covered under the umbrella of CFTC exclusive jurisdiction in section 2(a)(1) of the Commodity 124/ Exchange Act. ' To address the leverage pro...blem, Congress adopted a 125/ two-step approach. ±± — / First, the CFTC was directed to adopt regulations governing the existing leverage firms -IOC/ (those not subject to the CFTC moratoria). ' Second, the CFTC was empowered to consider expanding the scope of permis- sible leverage business to the extent that such transactions 124 / 7 U. S. C. § 2 (1982). 125 / The legislative history of the leverage provisions is detailed in the Appendix, infra . 126 / See Commodity Exchange Act § 19(b), 7 U.
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