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Departments & agencies

Commodity Futures Trading Commission

CFTC CommissionsFor-cause removal
At a glance
Type
Independent regulatory commissions
Removal of leadership
Removable only for cause
Appointed by
Members appointed by the President, confirmed by the Senate
Structure
5-member commission · led by the Chairman
Term
5-year term · staggered · party-balanced
Funding
Annual appropriations
Independence
Independent
The Commodity Exchange Act (7 U.S.C. Sec. 2(a)(2)) is SILENT on presidential removal of CFTC commissioners; it contains no explicit for-cause clause like the FTC Act's 'inefficiency, neglect of duty, or malfeasance' language. For-cause protection is therefore INFERRED from the agency's multi-member independent structure and the Humphrey's Executor tradition, not stated in statute. This protection is contested: Trump v. Slaughter (Supreme Court, argued Dec. 8, 2025) directly challenges for-cause removal of FTC-style commissioners and could overrule Humphrey's Executor, which would likely strip any implied CFTC protection. The Court already stayed the lower-court reinstatement order in Sept. 2025.
What it does

The CFTC is the independent federal agency that oversees the U.S. derivatives markets, including futures, options, and swaps. It works to protect market participants from fraud, manipulation, and abusive practices and to keep these markets transparent and financially sound. It regulates the exchanges, clearinghouses, brokers, and traders who buy and sell these contracts.

FinancialTrade
How it fits
U.S. ConstitutionCommodity Futures Trading Commission Act of 1974 (amending the Commodity Exchange Act) (1974)CFTCRules & actions

Created by Congress under the Commodity Futures Trading Commission Act of 1974 (amending the Commodity Exchange Act) (Pub. L. No. 93-463, 88 Stat. 1389 (signed Oct. 23, 1974); codified at 7 U.S.C. ch. 1 (Commission established at 7 U.S.C. Sec. 2(a)(2))), it acts within the authority that statute grants. Its actions are subject to judicial review and to congressional oversight and funding.

Recent actions

Agency Information Collection Activities: Notice of Intent To ExtendSeptember 22, 2026
Commodity Futures Trading Commission
Privacy Act RegulationsSeptember 21, 2026
Commodity Futures Trading Commission
Whistleblower Award DeterminationSeptember 16, 2026
Commodity Futures Trading Commission
Clearing Requirement Determination Under Section 2(h) of the Commodity Exchange Act for Interest Rate Swaps To Account for CAD and MXN Interest Rate Benchmark TransitionsSeptember 8, 2026
Commodity Futures Trading Commission
Form PF; Reporting Requirements for All Filers and Large Hedge Fund Advisers; Further Extension of Compliance DateSeptember 3, 2026
Commodity Futures Trading Commission
Agency Information Collection Activities Under OMB ReviewSeptember 1, 2026
Commodity Futures Trading Commission
Swap Execution Facility Order Book Requirement for Permitted TransactionsAugust 26, 2026
Commodity Futures Trading Commission
Request for Comment on the Listing of Compute Derivatives ContractsAugust 21, 2026
Commodity Futures Trading Commission
View all actions on the Federal Register