History

• The Commodity Futures Modernization Act was passed by Congress in late 2000 and signed into law by President Bill Clinton on December 21, 2000. The law created new regulations on futures trading and specified which regulatory bodies have jurisdiction over specific areas of futures trading.
  
  

Commodity Futures Trading Commission

• The Commodity Futures Modernization Act reauthorized the Commodity Futures Trading Commission for an additional five years. The Commodity Futures Trading Commission was established by law in 1974, and is the main regulatory body that oversees the trading of futures in the United States. The Commodity Futures Trading Commission is currently authorized through 2013.
  
  

Other Provisions

• The Commodity Futures Modernization Act also had other important provisions. The act repealed the prohibition on the trading of single stock futures and gave the Commodity Futures Trading Commission authority over retail foreign-exchange currency trading.