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Onion Futures Act
The Onion Futures Act is a United States law banning the trading of futures contracts on onions as well as "motion picture box office receipts". In 1955, two onion traders, Sam Siegel and Vincent Kosuga, cornered the onion futures market on the Chicago Mercantile Exchange. The resulting regulatory actions led to the passing of the act on August 28, 1958. , it remains in effect. The law was amended in 2010 to add motion picture box office futures to the list of banned futures contracts, in response to lobbying efforts by the Motion Picture Association of America. History Onion trading Onion futures trading began on the Chicago Mercantile Exchange in the mid-1940s as an attempt to replace the income lost when the butter futures contract ceased. By the mid-1950s, onion futures contracts were the most traded product on the Chicago Mercantile Exchange. In 1955, they accounted for 20% of its trades. Market manipulation In the fall of 1955, Siegel and Kosuga bought so many onions ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States House Of Representatives
The United States House of Representatives, often referred to as the House of Representatives, the U.S. House, or simply the House, is the Lower house, lower chamber of the United States Congress, with the United States Senate, Senate being the Upper house, upper chamber. Together they comprise the national Bicameralism, bicameral legislature of the United States. The House's composition was established by Article One of the United States Constitution. The House is composed of representatives who, pursuant to the Uniform Congressional District Act, sit in single member List of United States congressional districts, congressional districts allocated to each U.S. state, state on a basis of population as measured by the United States Census, with each district having one representative, provided that each state is entitled to at least one. Since its inception in 1789, all representatives have been directly elected, although universal suffrage did not come to effect until after ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
