This Act is P.L. 93-463 (October 23, 1974) which created the Commodity Futures Trading Commission, to replace the U.S. Department of Agriculture’s Commodity Exchange Authority, as the independent federal agency responsible for regulating the futures trading industry. The Act made extensive changes in the basic authority of Commodity Exchange Act of 1936, which itself had made extensive changes in the original Grain Futures Act of 1923.