An Act to amend the Commodity Exchange Act, as amended
PL 90-258 (H.R.13094), enacted 02/19/1968

26 
PUBLIC LAW 90-258-FEB. 19, 1968 
[82 STAT. 
calendar year 1967 the amendments made by section 203 shall not be 
applicable to an employee whose compensation with respect to that 
base year was not less than $750 but less than $1,000; further, as to 
such an employee, the amendments made by section 202(a) (3) shall 
not be ajpplicable with respect to days of unemployment and days of 
sickness m registration periods in the benefit year beginning July 1, 
1968. The amendments made by section 202(a) (3) shall otherwise be 
effective with respect to days of unemployment and days of sickness 
in registration periods beginning on or after July 1,1968. The amend-
ments made by sections 202(b) (2) (i) through (vi) shall be effective 
to provide the beginning of extended benefit penoas on or after July 
1, 1968. The amendments made by section 202(b) (2) (vii) through 
(ix) shall be effective to provide lor the early beginning of a benefit 
year on or after July 1^ 1967. The amendment made by section 204 
(a) shall be effective with respect to calendar days in benefit years 
beginning after June 30, 1968, and the amendment made by section 
204(b) shall be effective with respect to voluntary leaving of work 
(within the meaning of section 4(a-2) (i) of the Railroad Unemploy-
ment Insurance Act) after the enactment date of this Act. 
Approved February 15, 1968. 
February 19, 1968 
[H. R. 13094] 
Commodity Ex-
change Act, 
amendment. 
49 Stat. 1491. 
Definitions. 
Trading limits. 
Public Law 90-258 
AN ACT 
To amend the Commodity Exchange Act, as amended. 
Be it enacted hy the Senate and House of Representatwes 
of the 
United States of America in Congress assembled, That section 2(a) of 
the Commodity Exchange Act (42 Stat. 998), as amended (7 U.S.C. 2), 
is amended as follows: 
(a) By adding a comma after the word "soybeans" in the third sen-
tence of the section and deleting the phrase "and soybean meal" in such 
sentence and substituting therefor the phrase "soybean meal, livestock, 
and livestock products"; 
(b) By changing the eleventh sentence defining "floor broker" to 
read as follows: "The words 'floor broker' shall mean any person who, 
in or surrounding any 'pit', 'ring', 'post', or other place provided by a 
contract market for the meeting of persons similarly engaged, shall 
purchase or sell for any other person any commodity for future 
delivery on or subject to the rules of any contract market."; and 
(c) By substituting a comma for the period at the end of the last 
sentence of the section and adding thereafter the following: "or an 
official or employee of each of the executive departments concerned, 
designated by the Secretary of Agriculture, the Secretary of Com-
merce, and the Attorney General, respectively; and the Secretary of 
Agriculture or his designee shall serve as Chairman," 
SEC. 2. Section 4a(l) of the Commodity Exchange Act, as amended 
(7 U.S.C. 6 a ( l ) ) , is amended by deleting the second and third sen-
tences thereof and substituting the following: "For the purpose of 
diminishing, eliminating, or preventing such burden, the commission 
shall, from time to time, after due notice and opportunity for hearing, 
by order, proclaim and fix such limits on the amounts of trading which 
may be done or positions which may be held by any person under con-
tracts of sale of such commodity for future delivery on or subject to 
the rules of any contract market as the commission finds are necessary 
to diminish, eliminate, or prevent such burden. In determining whether 
any person has exceeded such limits, the positions held and trading 
done by any persons directly or indirectly controlled by such person 
82 STAT. ] 
PUBLIC LAW 90-258-FEB. 19, 1968 
27 
shall be included with the positions held and trading done by such per-
son ; and further, such limits upon positions and trading shall apply 
to positions held by, and trading done by, two or more persons acting 
pursuant to an expressed or implied agreement or understanding, the 
same as if the positions were held by, or the trading were done by, a 
single person. Nothing in this section shall be construed to prohibit the 
commission from fixing different trading or position limits for differ-
ent commodities, markets, futures, or delivery months, or different 
trading limits for buying and selling operations, or different limits for 
the purposes of subparagraphs 2 (A) and (B) of this section, or from 
exemptmg transactions normally known to the trade as 'spreads' or 
'straddles' or from fixing limits applying to such transactions or posi-
tions different from limits fixed for other transactions or positions." 
SEC. 3. Section 4a(2) (B) of the Commodity Exchange Act, as 
amended (7 U.S.C. 6a(2) (B)), is amended to read as follows: 
^l^} ^°"K °'' 
//•/-r-»\T 
1 
' \- 
1 
111 
1 
i i 
snort position. 
"(B) directly or indirectly to hold or control a net long or a 
net short position in any commodity for future delivery on or 
subject to the rules of any contract market in excess of any posi-
tion limit fixed by the commission for or with respect to such 
commodity r Promded, That such position limit shall not apply to 
a position acquired in good faith prior to the effective date of 
such order." 
SEC. 4. Section 4a (3) of the Commodity Exchange Act, as amended ^^^^^^"^^ *'"^"^' 
(7 U.S.C. 6a (3)), is amended by deleting the first two sentences thereof 
49 stat. 1493. 
and substituting the following: "No order issued under paragraph 
(1) of this section shall apply to transactions or positions which are 
shown to be bona fide hedging transactions or positions. For the pur-
poses of determining the bona fide hedging transactions or positions 
of any person under this paragraph (3), they shall mean sales of, or 
short positions in, any commodity for future delivery on or subject to 
the rules of any contract market made or held by such person to the 
extent that such sales or short positions are offset in quantity by the 
ownership or purchase of the same cash commodity by the same person 
or, conversely, purchases of, or long positions in, any commodity for 
future delivery on or subject to the rules of any contract market made 
or held by such person to the extent that such purchases or long posi-
tions are offset by sales of the same cash commodity by the same 
person." 
SEC. 5. Section 4b of the Commodity Exchange Act, as amended 
Fraud. 
(7 U.S.C. 6b), is amended as follows: 
(a) By deleting the portion of said section which begins with the 
phrase "It shall be unlawful" and extends through the phrase "for or 
on behalf of any person" and by substituting for the deleted portion, 
the following: "It shall be unlawful (1) for any member of a contract 
market, or for any correspondent, agent, or employee of any member, in 
or in connection with any order to make, or the making of, any contract 
of sale of any commodity in interstate commerce, made, or to be made, 
on or subject to the rules of any contract market, for or on behalf of 
any other person, or (2) for any person, in or in connection with any 
order to make, or the making of, any contract of sale of any commodity 
for future delivery, made, or to be made, on or subject to the rules of 
any contract market, for or on behalf of any other person"; and 
(b) By inserting the word "other" before the word "person" where 
the latter word appears in subparagraph (A), and the first time it 
appears in subparagraphs (B) and (C). 
SEC. 6. Section 4d of the Commodity Exchange Act, as amended fundr°i^ves'tment. 
(7 U.S.C. 6d), is amended as follows: 
(a) By deleting the second proviso from the last sentence of the 
section and substituting therefor the following: '•''Provided further^ 
28 
PUBLIC LAW 90-258-FEB. 19, 1968 
[82 STAT. 
Depositories, 
obligations. 
Registrants, 
eligibility. 
49 Stat. 1496. 
Reports. 
Recordkeep-
ing. 
That such money may be invested in obligations of the United States, 
in general obligations of any State or of any political subdivision 
thereof, and in obligations fully guaranteed as to principal and interest 
by the United States, such investments to be made in accordance with 
such rules and regulations and subject to such conditions as the Secre-
tary of Agriculture may prescribe."; and 
(b) By adding at the end of the section the following new para-
graph : 
"It shall be unlawful for any person, including but not limited to 
any clearing agency of a contract market and any depository, that has 
received any money, securities, or property for deposit in a separate 
account as provided in paragraph (2) of this section, to hold, dis-
pose of, or use any such money, securities, or property as belonging to 
the depositing futures commission merchant or any person other than 
the customers of such futures commission merchant." 
SEC. 7. Section 4f of the Commodity Exchange Act, as amended 
(7 U.S.C. 6f), is amended as follows: 
(a) By deleting from the last sentence of paragraph (1) the words 
"section 4g of"; and 
(b) By deleting paragraph (2) thereof and substituting the fol-
lowing : 
"(2) Notwithstanding any other provisions of this Act, no person 
desiring to register as futures commission merchant shall be so regis-
tered unless he meets such minimum financial requirements as the Sec-
retary of Agriculture may hj regulation prescribe as necessary to 
insure his meeting his obligations as a registrant, and each person so 
registered shall at all times continue to meet such prescribed minimum 
financial 
requirements: Provided, 
That such minimum 
financial 
requirements will be considered met if the applicant for registration 
or registrant is a member of a contract market and conforms to mini-
mum financial standards and related reporting requirements set by such 
contract market in its bylaws, rules, regulations, or resolutions and 
approved by the Secretary of Agriculture as adequate to effectuate the 
purposes of this paragraph (2)." 
SEC. 8. Section 4g of the Commodity Exchange Act, as amended (7 
U.S.C. 6g), is amended to read as follows: 
"SEC. 4g. Every person registered hereunder as futures commission 
merchant or floor broker shall make such reports as are required by the 
Secretary of Agriculture regarding the transactions and positions of 
such person, and the transactions and positions of the customer thereof, 
in commodities for future delivery on any board of trade in the United 
States or elsewhere; shall keep books and records pertaining to such 
transactions and positions in such form and manner and for such period 
as may be required by the Secretary; and shall keep such books and 
records open to inspection by any representative of the United States 
Department of Agriculture or the United States Department of 
Justice." 
SEC. 9. Section 4i of the Commodity Exchange Act, as amended (7 
U.S.C. 6i), is amended by deleting the last sentence and adding the 
following at the end of the section. "Such person shall keep books and 
records of all futures transactions and positions coming within the pro-
visions of (1) and (2) hereof, and shall keep books and records of such 
cash or spot transactions in such commodity entered into, and inven-
tories and purchase and sale commitments of such commodity held, in 
any month in which such person is required to make any report under 
the provisions of (1) or (2), as the Secretary of Agriculture may 
require. Such books and records shall show complete details concerning 
all such transactions, positions, inventories, and commitments, includ-
ing the names and addresses of all persons having any interest therein, 
and shall be open at all times to inspection by any representative of the 
82 STAT.] 
PUBLIC LAW 90-258-FEB. 19, 1968 
29^ 
United States Department of Agriculture or the United States Depart-
ment of Justice. For the purposes of this section, the futures and cash 
or spot transactions and positions of any person shall include such 
transactions and positions of any persons directly or indirectly con-
trolled by such person." 
SEC. 10. Section 5(b) of the Commodity Exchange Act, as amended 
(7 U.S.C. T(b)), is amended as follows: 
(a) By deleting, from the first sentence, the phrase "in cash trans-
actions consummated at, on, or in a board of trade, or transactions for 
future delivery" and substituting the following: "in cash transactions 
or transactions for future delivery consummated on or subject to the 
rules of a board of trade"; and 
(b) By deleting, from the first sentence, the phrase "consummated 
at, on, or in a board of trade" the second time it appears in said 
sentence and substituting the following: "consummated on or subject 
to the rules of a board of trade". 
SEC. 11. Section 5(f) of the Commodity Exchange Act, as amended 
(7 U.S.C. 7(f)), is amended to read as follows: 
"(f) When the governing board provides for making effective the 
final orders or decisions entered pursuant to the provisions of para-
graph (b) of section 6, and the orders issued pursuant to the provisions 
of section 5a of this Act, and for compliance in all other respects with 
the requirements applicable to such board of trade under this Act." 
SEC. 12. Section 5a of the Commodity Exchange Act, as amended 
(7 U.S.C. 7a), is amended as follows: 
(a) By deleting paragraph (2) thereof and substituting therefor 
the following: 
"(2) keep all books, records, minutes, and journals of proceed-
ings of such contract market, and its governing board, committees, 
subsidiaries, and affiliates in a manner that will clearly describe all 
matters discussed by such contract market, governing board, com-
mittees, subsidiaries and affiliates and reveal any action taken in 
such matters, and allow inspection at all times by any authorized 
representative of the United States Department of Agriculture or 
United States Department of Justice of all such books, records, 
minutes, and journals of proceedings. Such books, records, min-
utes, and journals of proceedings shall be kept for a period of 
three years from the date thereof, or for a longer period if the 
Secretary of Agriculture shall so direct;" 
(b) By deleting the word "and" at the end of paragraph (6) and 
substituting a semicolon for the period at the end of paragraph (7) ; 
and 
(c) By adding after paragraph (7) the following paragraphs: 
"(8) enforce all bylaws, rules, regulations, and resolutions, 
made or issued by it or by the governing board thereof or any 
committee, which relate to terms and conditions in contracts of 
sale to be executed on or subject to the rules of such contract mar-
ket or relate to other trading requirements, and which have not 
been disapproved by the Secretary of Agriculture pursuant to 
paragraph (7) of section 8a of this Act; and revoke and not 
enforce any such bylaw, rule, regulation, or resolution, made, 
issued, or proposed by it or by the governing board thereof or any 
committee, which has been so disapproved; and 
" (9) enforce all bylaws, rules, regulations, and resolutions made 
or issued by it or by the governing board thereof or by any com-
mittee, which provide minimum financial standards and related 
reporting requirements for futures commission merchants who 
are members of such contract market, and which have been 
approved by the Secretary of Agriculture." 
Compliance 
condition. 
42 Stat. 1000. 
49 Stat. 1497-
Recordkeeping. 
Bylaws, etc. 
enforcement. 
30 
PUBLIC LAW 90-258-FEB. 19, 1968 
[82 STAT, 
Enforcement of 
orders. 
Contract market 
designation. 
Hearing and 
right of appeal. 
42 Stat. 1001; 
72 Stat. 944. 
Suspension con-
ditions. 
Filing of 
petition. 
72 Stat. 941. 
Trading privi-
leges, denial. 
49 Stat. 1498. 
SEC. 13. Section 5b of the Commodity Exchange Act, as amended 
(7 U.S.C. 7b), is amended as follows: 
(a) By deleting the phrase "rules and regulations" and substituting 
the phrase "rules, regulations, or orders"; and 
(b) By adding immediately after the phrase "Secretary of Agri-
culture" the phrase "or the commission". 
SEC. 14. Section 6 of the Commodity Exchange Act, as amended 
(7 U.S.C. 8, 9), is amended by adding at the end of the first paragraph 
thereof (7 U.S.C. 8) the following sentence: "In the event of a refusal 
to designate as a 'contract market' any board of trade that has made 
application therefor, such board of trade shall be afforded an oppor-
tunity for a hearing before the commission, with the right to appeal 
an adverse decision after such hearing to the court of appeals as pro-
vided for in other cases in paragraph (a) of this section." 
SEC. 15. Section 6(a) of the Commodity Exchange Act, as amended 
(7 U.S.C. 8), is amended to read as follows: 
"(a) The commission is authorized to suspend for a period not to 
exceed six months or to revoke the designation of any board of trade 
as a 'contract market' upon a showing that such board of trade is not 
enforcing or has not enforced its rules of government made a condi-
tion of its designation as set forth in section 5 of this Act or that such 
board of trade, or any director, officer, agent, or employee thereof, 
otherwise is violating or has violated any of the provisions of this Act 
or any of the rules, regulations, or orders of the Secretary of Agricul-
ture or the commission thereunder. Such suspension or revocation shall 
only be after a notice to the officers of the board of trade affected and 
upon a hearing: Provided^ That such suspension or revocation shall be 
final and conclusive, unless within fifteen days after such suspension or 
revocation by the commission such board of trade appeals to the court 
of appeals for the circuit in which it has its principal place of business, 
by filing with the clerk of such court a written petition praying that 
the order of the commission be set aside or modified in the manner 
stated in the petition, together with a bond in such sum as the court 
may determine, conditioned that such board of trade will pay the costs 
of the proceedings if the court so directs. The clerk of the court in 
which such a petition is filed shall immediately cause a copy thereof to 
be delivered to the Secretary of Agriculture, who shall thereupon notify 
the other members of the commission and file in the court the record in 
such proceedings, as provided in section 2112 of title 28, United States 
Code. The testimony and evidence taken or submitted before the com-
mission, duly filed as aforesaid as a part of the record, shall be 
considered by the court of appeals as the evidence in the case. Tlie 
proceedings in such cases in the court of appeals shall be made a pre-
ferred cause and shall be expedited in every way. Such a court may 
affirm or set aside the order of the commission or may direct it to 
modify its order. No such order of the commission shall be modified or 
set aside by the court of appeals unless it is shown by the board of trade 
that the order is unsupported by the weight of the evidence or was 
issued without due notice and a reasonable opportunity having been 
afforded to such board of trade for a hearing, or infringes the Consti-
tution of the United States, or is beyond the jurisdiction of the 
commission." 
SEC. 16. Section 6(b) of the Commodity Exchange Act, as amended 
(7 U.S.C. 9,15), is amended by changing the first and fourth sentiences 
thereof to read, respectively: "If the Secretary of Agriculture has 
reason to believe that any person (other than a contract market) is 
manipulating or attempting to manipulate or has manipulated or 
attempted to manipulate the market price of any commodity, in inter-
Cease and de-
sist orders, 
1001. 
82 STAT. ] 
PUBLIC LAW 90-258-FEB. 19, 1968 
31 
state commerce, or for future delivery on or subject to the rules of 
any contract market, or has willfully made any false or misleading 
statement of a material fact in any registration application or any 
report filed with the Secretary of Agriculture under this Act, or will-
fully omitted to state in any such application or report any material 
fact which is required to be stated therein, or otherwise is violating or 
has violated any of the provisions of this Act or of the rules, regula-
tions, or orders of the Secretary of Agriculture or the commission 
thereunder, he may serve upon such person a complaint stating his 
charges in that respect, which complaint shall have attached or shall 
contain therein a notice of hearing, specifying a day and place not less 
than tliree days after the service thereof, requiring such person to show 
cause why an order should not be made prohibiting him from trading 
on or subject to the rules of any contract market, and directing that 
all contract markets refuse all trading privileges to such person, until 
further notice of the Secretary of Agriculture, and to show cause why 
the registration of such person, if registered as futures commission 
merchant or as floor broker hereunder, should not be suspended or 
revoked." and "Upon evidence received, the Secretary of Agriculture 
may prohibit such person from trading on or subject to the rules of any 
contract market and require all contract markets to refuse such person 
all trading privileges thereon for such period as may be specified in 
the order, and, if such person is registered as futures commission 
merchant or as floor broker hereunder, may suspend, for a period not 
to exceed six months, or revoke, the registration of such person." 
SEC. 17. Section 6 of the Commodity Exchange Act, as amended 
(7 U.S.C. 8, 9), is further amended by adding at the end thereof the vloiaUon 
following new paragraph: 
42 stat. 
"(c) If any person (other than a contract market) is manipulating 
or attempting to manipulate or has manipulated or attempted to 
manipulate the market price of any commodity, in interstate commerce, 
or for future delivery on or subject to the rules of any contract market, 
or otherwise is violating or has violated any of the provisions of this 
Act or of the rules, regulations, or orders of the Secretary of Agricul-
ture or the commission thereunder, the Secretary may, upon notice and 
hearing, and subject to appeal as in other cases provided for in para-
graph (b) of this section, make and enter an order directing that such 
person shall cease and desist therefrom and, if such person thereafter 
and after the lapse of the period allowed for appeal of such order or 
after the affirmance of such order, shall fail or refuse to obey or comply 
with such order, such person shall be guilty of a misdemeanor and, 
upon conviction thereof, shall be fined not less than $500 nor more than 
$10,000, or imprisoned for not less than six months nor more than one 
year, or both, except that if such failure or refusal to obey or comply 
with such order involves any offense within paragraph (a) or (b) of 
section 9 of this Act, such person shall be guilty of a felony and, upon 
conviction thereof, shall be subject to the penalties of said paragrapli 
9(a) or 9(b) : Provided^ That any such cease and desist order against 
any respondent in any case of manipulation of, or attempt to manipu-
late, the price of any commodity shall be issued only in conjunction 
with an order issued against such respondent under section 6(b) of 
this Act. Each day during which such failure or refusal to obey or 
comply with such order continues shall be deemed a separate offense." 
SEC. 18. Section 6b of the Commodity Exchange Act, as amended ^^g^^^^^ °"*^ ^^' 
(7 U.S.C. 13a), is amended to read as follows: 
vioiauon"' 
"SEC. 6b. If any contra<!t market is not enforcing or has not enforced 
49 stat. 1500. 
its rules of government made a condition of its designation as set 
forth in section 5 of this Act, or if any contract market, or any director, 
officer, agent, or employee of any contract market otherwise is violat-
ing or has violated any of the provisions of this Act or any of the rules, 
32 
PUBLIC LAW 90-258-FEB. 19, 1968 
[82 STAT. 
Investigations; 
idisclosure. 
42 Stat. 1003. 
Registration 
refusal. 
49 Stat. 1500. 
regulations, or orders of the Secretary of Agriculture or the commis-
sion thereunder, the commission may, upon notice and hearing and 
subject to appeal as in other cases provided for in paragraph (a) of 
section 6 of this Act, make and enter an order directing that such con-
tract market, director, officer, agent, or employee shall cease and desist 
from such violation, and if such contract market, director, officer, 
agent, or employee thereafter and after the lapse of the period allowed 
for appeal of such order or after the affirmance of such order, shall 
fail or refuse to obey or comply with such order, such contract mar-
ket, director, officer, a^ent, or employee shall be guilty of a misde-
meanor and, upon conviction thereof, shall be fined not less than $500 
nor more than $10,000 or imprisoned for not less than six months nor 
more than one year, or both. Each day during which such failure or 
refusal to obey such order continues shall be deemed a separate offense." 
SEC. 19. Section 8 of the Commodity Exchange Act, as amended 
(7 U.S.C. 12), is amended as follows: 
(a) By adding, in the first sentence, after the phrase "make such 
investigations as he may deem necessary to ascertain the facts regard-
ing the operations of boards of trade", the following phrase: "and 
other persons subject to any of the provisions of this Act"; and 
(b) By changing the period at the end of the last paragraph of the 
section to a semicolon and adding at the end of said paragraph the 
following phrase: "and when requested by any department or agency of 
the executive branch of the Government of the United States, acting 
within the scope of its jurisdiction, may, in his discretion, furnish to 
such department or agency any information in the possession of the 
Department of Agriculture obtained in connection with the adminis-
tration of this Act: Provided^ however^ That information so furnished 
to any such department or agency shall not be disclosed by such depart-
ment or agency except in any action or proceeding under the laws of 
the United States to which it, or the Secretary of Agriculture, or the 
United States is a party." 
SEC. 20. Section 8a (2) of the Commodity Exchange Act, as amended 
(7 U.S.C. 12a(2)), is amended to read as follows: 
" (2) to refuse to register any person— 
"(A) if the prior registration of such person has been sus-
pended (and the period of such suspension shall not have 
expired) or has been revoked; 
"(B) if it is found, after opportunity for hearing, that the 
applicant is unfit to engage in the business for which the 
application for registration is made, (i) because such appli-
cant, or, if the applicant is a partnership, any general partner, 
or, if the applicant is a corporation, any officer or holder of 
more than 10 per centum of the stock, at any time engaged in 
any practice of the character prohibited by this Act or was 
convicted of a felony in any State or Federal court, or was 
debarred by any agency of the United States from contracting 
with the United States, or the applicant willfully made any 
material false or misleading statement in his application or 
willfully omitted to state any material fact in connection with 
the application, or (ii) for other good cause shown; or 
"(C) in the case of an applicant for registration as futures 
commission merchantj if it is found after opportunity for 
hearing that the applicant has not established that he meets 
the minimum financial requirements under section 4f of this 
Act: Provided^ That pending final determination under clause 
(B) or (C), registration shall not be granted: And 
provided 
further^ That the applicant may appeal from a refusal of 
registration under clause (B) or (C) m the manner provided 
in paragraph (b) of section 6 of this Act; and". 
82 STAT. ] 
PUBLIC LAW 90-258-FEB. 19, 1968 
33 
SEC. 21. Section 8a (3) of the Commodity Exchange Act, as amended ^^^pfisTon!"" 
(7 U.S.C. 12a(3)), is amended by inserting the following at the be-
ginning thereof after "(3)": "in accordance with the procedure pro-
vided for in paragraph (b) of section 6 of this Act, to suspend or 
revoke the registration of any person registered under this Act if cause 
exists under subparagraph (2) (B) or (C) which would warrant a 
refusal of registration of such person, and". 
SEC. 22. Section 8a (4) of the Commodity Exchange Act, as amended shares^"*^ 
(7 U.S.C. 12a (4)), is amended by deleting the phrase "and for copies "" ^g^sta't. 535. 
of registration certificates" appearing therein. 
SEC. 23. Section 8a of the Commodity Exchange Act, as amended 
(7 U.S.C. 12a), is further amended as follows: 
^9 stat. 1501. 
(a) By deleting the word "and" at the end of paragraph (5) and 
substituting a semicolon for the period at the end of paragraph (6) 
and adding thereafter the word "and"; and 
(b) By adding after paragraph (6) the following new paragraph: 
^^g!^"'^' '^^^^P-
"(7) to disapprove any bylaw, rule, regulation, or resolution ^"^""^ ' 
made, issued or proposed by a contract market or by the governing 
board thereof or any committee which relates to terms and con-
ditions in contracts of sale to be executed on or subject to the rules 
of such contract market or relates to other trading requirements, 
when he finds that such bylaw, rule, regulation, or resolution 
violates or will violate any of the provisions of this Act, or any of 
the rules, reflations, or orders of the Secretary of Agriculture or 
the commission thereunder." 
SEC. 24. The Commodity Exchange Act, us .amended, is amended ^i^L^ion^ ^^" 
by adding after section 8a thereof (7 U.S.C. 12a) the following new 
section: 
"SEC. 8b. It shall be unlawful for any person, against whom there 
is outstanding any order of the Secretary of Agriculture prohibiting 
him from trading on or subject to the rules of any contract market, to 
make or cause to oe made in contravention of such order, any contract 
for future delivery of any commodity, on or subject to the rules of 
any contract market." 
SEC. 25. Section 9 of the Commodity Exchange Act, as amended (7 
Penalties. 
U.S.C. 13), is amended to read as follows: 
49 stat^ 150°°^' 
"SEC. 9. (a) It shall be a felony punishable by a fine of not more 
than $10,000 or imprisonment for not more than five years, or both, 
together with the costs of prosecution, for any futures commission 
merchant, or any employee or agent thereof, to embezzle, steal, purloin, 
or with criminal intent convert to his own use or the use of another, 
any money, securities, or property having a value in excess of $100, 
which was received by such commission merchant to margin, guaran-
tee, or secure the trades or contracts of any customer of such commis-
sion merchant or accruing to such customer as the result of such trades 
or contracts. The word 'value' as used in this paragraph means face, 
"vaiue." 
par, or market value, or cost price, either wholesale or retail, which-
ever is greater. 
"(b) It shall be a felony punishable by a fine of not more than 
$10,000 or imprisonment for not more than five years, or both, together 
with the costs of prosecution, for any person to manipulate or attempt 
to manipulate the price of any commodity in interstate commerce, or 
for future delivery on or subject to the rules of any contract market, or 
to corner or attempt to corner any such commodity, or knowingly to 
deliver or cause to be delivered for transmission through the mails or 
in interstate commerce by telegraph, telephone, wireless, or other means 
of communication false or misleading or knowingly inaccurate reports 
concerning crop or market information or conditions that affect or 
tend to affect the price of any commodity in interstate commerce. 
34 
PUBLIC LAW 90-259-MAR. 1, 1968 
[82 STAT. 
42 Stat. 998. 
7 use 1. 
Responsibility 
as principal. 
Minor viola-
tions. 
Savings clause. 
Effective date. 
"(c) Except as provided in paragraphs (a) and (b) of this section, 
it shall be a misdemeanor punishable by a fine of not more than $10,000 
or imprisonment for not more than one year, or both, together with 
the costs of prosecution, for any person to violate the provisions of 
section 4, section 4a, section 4b, section 4c, section 4d, section 4e, section 
4h, section 4i, or section 8b, or to fail to evidence any contract mentioned 
in section 4 of this Act by a record in writing as therein required," 
SEC. 26. The Commodity Exchange Act, as amended, is further 
amended by adding thereto a new section 13 to read as follows: 
"SEO. 13. (a) Any person who commits, or who willfully aids, abets, 
counsels, commands, induces, or procures the commission of, a violation 
of any of the provisions of this Act, or any of the rules, regulations, or 
orders issued pursuant to this Act, or who acts in combination or con-
cert with any other person in any such violation, or who willfully causes 
an act to be done or omitted which if directly performed or omitted by 
him or another would be a violation of the provisions of this Act or 
any of such rules, regulations, or orders may be held responsible in 
administrative proceedings under this Act for such violation as a 
principal. 
" (b) Nothing in this Act shall be construed as requiring the Secre-
tary of Agriculture or the commission to report minor violations of 
this Act for prosecution, whenever it appears that the public interest 
does not require such action." 
SEC. 27. If any provision of this Act or the application thereof to any 
person or circumstances is held invalid, the validity of the remainder 
of the Act and the application of such provision to other persons or 
circumstances shall not be affected thereby, and the provisions of the 
section of the Commodity Exchange Act, as amended, which is 
amended by such provision of this Act shall apply to such person or 
circumstances. Pending proceedings shall not be abated by reason of 
any provision of this Act out shall be disposed of pursuant to the provi-
sions of the Commodity Exchange Act, as amended, in effect prior to 
the effective date of this Act. 
SEC. 28. This Act shall become effective one hundred and twenty 
days after enactment. 
Approved February 19, 1968. 
March 1, 1968 
[S.1124] 
Public Law 90-259 
AN ACT 
To amend the Qrgaaic Act of the National Bureau of Standards to authorize a 
fire research and safety program, and for other purposes. 
Fire Research 
and Safety Act 
of 1968. 
Be it enacted hy the Senate mid House of Representatives 
of the 
United States of America in Congress assembled^ That this Act may 
be cited as the "Fire Research and Safety Act of 19i58". 
TITLE 
I—FIRE 
RESEARCH AND SAFETY PROGRAM 
DECLARATION OF POLICY 
SEC. 101. The Congress finds that a comprehensive fire research and 
safety program is needed in this country to provide more effective 
measures of protection against the hazards of death, injury, and 
damage to property. The Congress finds that it is desirable and neces-
sary for the Federal Government, in carrying out the provisions of 
this title, to cooperate with and assist public and private agencies. 
The Congress declares that the purpose of this title is to amend the