AGRICULTURAL MARKETING REVOLVING FUND 27 
agricultural commodities of any kind, to the end that exchanges 
would not be permitted to make their own rules and regulations, 
except as they were approved by the Secretary of Agriculture, or 
by some officer designated by the Government for that purpose; 
and that the Secretary of Agriculture be given definite authority 
to enforce the rules after they have been approved. Those 
exchange rules and regulations are all built up by the traders them- 
selves. They are not in the interest of either the producers or 
consumers. They can not be, and they can change them every day 
at their will. Under the present legislation, there is not anybody 
I can find that has any authority to effectively deal with such 
exchanges. For instance, we have been talking about those people 
who are selling short on wheat to-day, and they are relying largely 
on going before a tribunal in the grain exchange for an adjudica- 
tion in the event it turns out to be a bad move on their part. That 
extends down to private operators, and there is no reason why it 
can not be regulated. 
Mr. Dicxinsox. I would like to say, in that connection, that 1 
have a bill pending before the Agricultural Committee now that I 
am going to reintroduce with some additional provisions that cover 
the suggestions of the chairman of the board. I have been wondering 
whether or not it would be advisable to include with the Secretary of 
Agriculture the fhnkemy of the Farm Board 
Tr. Ayres. The so-called Capper-Tj r Tol : - 
Volstead bill did not cover that ink bill and the Capper 
Mr. Lecce. That is the present situation, as we see it. You have 
within recent times passed three laws dealing with this problem: 
One is the warehousing act, one is the grain inspection act, and the 
third is the grain futures act; but the legislation that is operating 
to-day is under different bureaus, not giving it the strength that it 
would have if it were consolidated in one regulatory or governing 
body, or if all the powers for its enforcement were in the hands of 
one administrative officer. There is one man who deals with the 
futures trading problem, but that law has no teeth in it, as I under- 
stand it. - Publicity is about the only weapon it affords. I do not 
say that it is wholly ineffective, but there is no provision that enables 
them to get at it—— 
Mr. Dickinson (interposing). There is a provision that they may 
cancel the license of a trader. 
Mr. Likgoe. I think the law reads that it can only be done upon the 
joint recommendation of the Attorney General, the Secretary of 
Agriculture, and the Secretary of Commerce, and, if my memory 
serves me right, that is something that is hard to obtain sometimes. 
The CraamryaN. Of course, you realize that this committee has no 
jurisdiction over legislative matters. 
Mr. Lecge. I understand that; but you asked the question as to 
what should be done. 
The Cramrmax. Certainly, and we want to have vour suggestions. 
Of course, we want to do whatever we can to improve this business 
and make the law more effective. Have you talked with the members 
of the legislative committee about this? 
Mr. Leer. I have talked with several members of the committee, 
and, also, with the Secretary of Agriculture. I think you are in 
touch with this particular legislation.