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1562866
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Commodity Futures Trading Commission Act Amendments
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1562866
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document
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Commodity Futures Trading Commission Act Amendments
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John O. Marsh Files (Ford Administration)
John Marsh's General Subject Files
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Commodity Futures Trading Commission. 10/23/1974-
Legislation
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1562866
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1975-02-28
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1975
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1975-02-01
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2
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1975
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The original documents are located in Box 8, folder "Commodity Futures Trading
Commission Act Amendments" of the John Marsh Files at the Gerald R. Ford Presidential
Library.
Copyright Notice
The copyright law of the United States (Title 17, United States Code) governs the making of
photocopies or other reproductions of copyrighted material. Gerald R. Ford donated to the United
States of America his copyrights in all of his unpublished writings in National Archives collections.
Works prepared by U.S. Government employees as part of their official duties are in the public
domain. The copyrights to materials written by other individuals or organizations are presumed to
remain with them. If you think any of the information displayed in the PDF is subject to a valid
copyright claim, please contact the Gerald R. Ford Presidential Library.
Digitized from Box 8 of The John Marsh Files at the Gerald R. Ford Presidential Library
John
march
EXECUTIVE OFFICE OF THE PRESIDENT
OFFICE OF MANAGEMENT AND BUDGET
WASHINGTON, D.C. 20503
M
FEB
1975
f.
Honorable Nelson A. Rockefeller
President of the Senate
Washington, D. C. 20510
Dear Mr. President:
At the request of the President, I am resubmitting
for your consideration and appropriate reference
the attached draft bill which carries out one of
the recommendations in the President's Legislative
Message delivered to the Congress on November 18, 1974:
To amend the Commodity Futures Trading
Commission Act of 1974 to eliminate
three provisions which encroach on the
separation of powers.
This legislation was submitted to the 93rd Congress,
but did not receive final action. The President
continues to urge that action on this proposal be
completed on a timely basis.
Parent Sincerely, Shin
Acting Director
Enclosures
FORD i LIBRARY GERALD
STATEMENT OF PURPOSE
The attached draft bill would amend the Commodity Futures
Trading Commission Act of 1974.
Subsection 101 (a) (3) of that Act (Public Law 93-463,
approved October 23, 1974) includes the following three
provisions:
1. It requires the concurrent submission of the
Commodity Futures Trading Commission's budget
requests to Congress and to the President or to
the Office of Management and Budget.
2. As with the budget requests, it requires
concurrent submission of the Commission's
legislative proposals and essentially prohibits
the review or clearance by the President and
OMB of the Commission's legislative proposals
or comments on legislation.
3. It requires Senate confirmation of the
Commission's Executive Director, who is not a
Presidential appointee, but rather an appointee
of the Commission.
In his statement accompanying the signing of this legislation
into law, the President expressed his strong objections to
these provisions because: (a) the budget bypass provision
would make it more difficult for the President "to submit
to Congress a single coordinated budget;" (b) the legislative
bypass provision, if extended to other agencies, would make
it difficult "to develop and present to the Congress a
coherent, coordinated legislative program;" and, (c) the
Senate confirmation provision, which stipulates an executive
branch appointment in a manner not contemplated by the
Constitution, would encroach on the separation of powers.
The President noted that these three provisions would "erode
necessary executive control" and that he would be submitting
remedial legislation to the Congress.
FORD
A BILL
To amend the Commodity Futures Trading Commission
Act of 1974
Be it enacted by the Senate and House of Representatives
of the United States of America in Congress assembled, that
subsection 101 (a) (3) of the Commodity Futures Trading
Commission Act of 1974 (P.L. 93-463) is amended (a) by
deleting the words "by and with the advice and consent
of the Senate," in the paragraph designated as (5) ;
(b) by deleting the paragraphs designated as (9) (A) and
(9) (B) ; and, (c) by redesignating paragraphs (10) and (11)
as (9) and (10), respectively.
3
FORD
John marsh
EXECUTIVE OFFICE OF THE PRESIDENT
OFFICE OF MANAGEMENT AND BUDGET
FEB 5 1975
WASHINGTON, D.C. 20503
FEB
4
1975
Honorable Carl Albert
Speaker of the
House of Representatives
Washington, D. C. 20515
Dear Mr. Speaker:
At the request of the President, I am resubmitting
for your consideration and appropriate reference
the attached draft bill which carries out one of
the recommendations in the President's Legislative
Message delivered to the Congress on November 18, 1974:
To amend the Commodity Futures Trading
Commission Act of 1974 to eliminate
three provisions which encroach on the
separation of powers.
This legislation was submitted to the 93rd Congress,
but did not receive final action. The President
continues to urge that action on this proposal be
completed on a timely basis.
Sincerely,
Acting Director
Enclosures
STATEMENT OF PURPOSE
The attached draft bill would amend the Commodity Futures
Trading Commission Act of 1974.
Subsection 101 (a) (3) of that Act (Public Law 93-463,
approved October 23, 1974) includes the following three
provisions:
1. It requires the concurrent submission of the
Commodity Futures Trading Commission's budget
requests to Congress and to the President or to
the Office of Management and Budget.
2. As with the budget requests, it requires
concurrent submission of the Commission's
legislative proposals and essentially prohibits
the review or clearance by the President and
OMB of the Commission's legislative proposals
or comments on legislation.
3. It requires Senate confirmation of the
Commission's Executive Director, who is not a
Presidential appointee, but rather an appointee
of the Commission.
In his statement accompanying the signing of this legislation
into law, the President expressed his strong objections to
these provisions because: (a) the budget bypass provision
would make it more difficult for the President "to submit
to Congress a single coordinated budget;" (b) the legislative
bypass provision, if extended to other agencies, would make
it difficult "to develop and present to the Congress a
coherent, coordinated legislative program;" and, (c) the
Senate confirmation provision, which stipulates an executive
branch appointment in a manner not contemplated by the
Constitution, would encroach on the separation of powers.
The President noted that these three provisions would "erode
necessary executive control" and that he would be submitting
remedial legislation to the Congress.
FORD
A BILL
To amend the Commodity Futures Trading Commission
Act of 1974
Be it enacted by the Senate and House of Representatives
of the United States of America in Congress assembled, that
subsection 101 (a) (3) of the Commodity Futures Trading
Commission Act of 1974 (P.L. 93-463) is amended (a) by
deleting the words "by and with the advice and consent
of the Senate," in the paragraph designated as (5) ;
(b) by deleting the paragraphs designated as (9) (A) and
(9) (B) ; and, (c) by redesignating paragraphs (10) and (11)
as (9) and (10), respectively.