''Hill v. Wallace'', 259 U.S. 44 (1922), was a

U.S. Supreme Court The Supreme Court of the United States (SCOTUS) is the highest court in the federal judiciary of the United States. It has ultimate appellate jurisdiction over all U.S. federal court cases, and over state court cases that involve a point o ...

decision overturning the legality of the

Futures Trading Act of 1921 The Future Trading Act of 1921 (, ) was a United States Act of Congress, approved on August 24, 1921, by the 67th United States Congress intended to institute regulation of grain futures contracts and, particularly, the exchanges on which they w ...

. The law, approved August 24, 1921,Futures Trading Act of 1921, , c. 86. by the

U.S. Congress The United States Congress is the legislature of the federal government of the United States. It is Bicameralism, bicameral, composed of a lower body, the United States House of Representatives, House of Representatives, and an upper body, ...

attempted to institute Federal regulation of grain futures contract trading by imposing a prohibitive tax on futures contracts traded on any market other than those that met the statute's requirements and were regulated by the Secretary of Agriculture. The court found it was an unconstitutional exercise of the taxing power of Congress. Congress responded to the Court's decision by passing the

Grain Futures Act The Grain Futures Act (ch. 369, , ) is a United States federal law enacted September 21, 1922 involving the regulation of trading in certain commodity futures, and causing the establishment of the Grain Futures Administration, a predecessor organi ...

in September 1922 based on the

Commerce Clause The Commerce Clause describes an enumerated power listed in the United States Constitution ( Article I, Section 8, Clause 3). The clause states that the United States Congress shall have power "to regulate Commerce with foreign Nations, and amon ...

. The Grain Futures Act was held to be constitutional by the Court in ''

Board of Trade of City of Chicago v. Olsen ''Board of Trade of City of Chicago v. Olsen'', 262 U.S. 1 (1923), is a United States Supreme Court decision in which the Court upheld the Grain Futures Act as constitutional under the Commerce Clause of the United States Constitution.''Board of ...

'' (1923)

References

External links

* * United States Supreme Court cases United States Supreme Court cases of the Taft Court United States taxation and revenue case law United States commodity and futures case law 1922 in United States case law {{SCOTUS-case-stub

See also

References

External links