Complex sentence: The Commodity Futures Trading Commission Act of 1974 (P.L.93-463) created the CFTC to replace the U.S. Department of Agriculture's Commodity Exchange Authority as the independent federal agency responsible for regulating commodity futures and option markets in the United States.
Split into simpler sentences: The Commodity Futures Trading Commission Act of 1974 (P.L.93-463) created the CFTC to replace the U.S. Department of Agriculture's Commodity Exchange Authority, as the independent federal agency responsible for regulating the futures trading industry. Congress created the CFTC in 1974 as an independent agency with the mandate to regulate commodity futures and option markets in the United States.