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AGRICULTURE, RURAL DEVELOPMENT AND
RELATED AGENCIES APPROPRIATIONS

FOR 1986

UNITED SIRIAN.

HEARINGS

BEFORE A

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KF27
A628

1985
pt.3

COMMITTEE ON APPROPRIATIONS

JAMIE L. WHITTEN, Mississippi, Chairman

EDWARD P. BOLAND, Massachusetts
WILLIAM H. NATCHER, Kentucky
NEAL SMITH, Iowa

JOSEPH P. ADDABBO, New York
SIDNEY R. YATES, Illinois
DAVID R. OBEY, Wisconsin

EDWARD R. ROYBAL, California
LOUIS STOKES, Ohio

TOM BEVILL, Alabama

BILL CHAPPELL, JR., Florida

BILL ALEXANDER, Arkansas

JOHN P. MURTHA, Pennsylvania

BOB TRAXLER, Michigan

JOSEPH D. EARLY, Massachusetts
CHARLES WILSON, Texas

LINDY (MRS. HALE) BOGGS, Louisiana
NORMAN D. DICKS, Washington

MATTHEW F. McHUGH, New York
WILLIAM LEHMAN, Florida
MARTIN OLAV SABO, Minnesota
JULIAN C. DIXON, California

VIC FAZIO, California

W. G. (BILL) HEFNER, North Carolina

LES AUCOIN, Oregon

DANIEL K. AKAKA, Hawaii

WES WATKINS, Oklahoma

WILLIAM H. GRAY III, Pennsylvania

BERNARD J. DWYER, New Jersey

BILL BONER, Tennessee

STENY H. HOYER, Maryland

BOB CARR, Michigan

ROBERT J. MRAZEK, New York

RICHARD J. DURBIN, Illinois

RONALD D. COLEMAN, Texas

SILVIO O. CONTE, Massachusetts
JOSEPH M. McDADE, Pennsylvania
JOHN T. MYERS, Indiana
CLARENCE E. MILLER, Ohio
LAWRENCE COUGHLIN, Pennsylvania
C. W. BILL YOUNG, Florida
JACK F. KEMP, New York
RALPH REGULA, Ohio
GEORGE M. O'BRIEN, Illinois
VIRGINIA SMITH, Nebraska

ELDON RUDD, Arizona

CARL D. PURSELL, Michigan
MICKEY EDWARDS, Oklahoma
BOB LIVINGSTON, Louisiana
BILL GREEN, New York

TOM LOEFFLER, Texas
JERRY LEWIS, California

JOHN EDWARD PORTER, Illinois
HAROLD ROGERS, Kentucky
JOE SKEEN, New Mexico
FRANK R. WOLF, Virginia
BILL LOWERY, California

FREDERICK G. Moнrman, Clerk and Staff Director

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added be 15 9-3-85

AGRICULTURE, RURAL DEVELOPMENT, AND RELATED AGENCIES APPROPRIATIONS FOR 1986

MONDAY MARCH 25, 1985.

COMMODITY FUTURES TRADING COMMISSION

WITNESSES

SUSAN M. PHILLIPS, CHAIRMAN, COMMODITY FUTURES TRADING COM-
MISSION

MOLLY G. BAYLEY, EXECUTIVE DIRECTOR

G. HUNTINGTON BANISTER, DIRECTOR, OPERATIONS AND BUDGET SEC-
TION

Mr. WHITTEN. The Committee will come to order.

We have with us today, the Commodity Futures Trading Commission, represented by Ms. Susan Phillips, Chairman, Ms. Bayley, Executive Director and Mr. Banister. We will be glad to have you present your testimony as you see fit, either follow it in detail or you may hit the highlights. Those of you who might be new to the Committee, we would like to have a biographical sketch in the record.

[CLERK'S NOTE: The biographical sketches follow. The prepared statement of Ms. Phillips appears in full on pages 167 through 171. The explanatory notes appear on pages 172 through 264.]

SUSAN M. PHILLIPS

Susan M. Phillips was appointed Chairman of the Commodity Futures Trading Commission on November 17, 1983. She has previously served as Acting Chairman from May 1983 to November 1983 and as a Commissioner from November 1981 to May 1983. Her term expires April 13, 1985.

Dr. Phillips was associated with the University of Iowa from 1974 and was on leave from her position as Associate Professor of Finance until 1984. She also served the University as Associate Vice President of Finance and University Services first on an acting, then permanent, basis from February 1979 to November 1981. During her last leave of absence from the University, July 1976 to July 1978, Dr. Phillips was a Brookings Economic Fellow and an SEC Economic Fellow.

Dr. Phillips is a member of the American Finance Association and the Southern Risk and Insurance Association, which she served as President (1978-1979) and in a number of other offices. She is also a member of the Board of Trustees of Agnes Scott College, from which she graduated with a B.A. in mathematics and chemistry in 1967. She is also a member of Phi Beta Kappa and Beta Gamma Sigma. Dr. Phillips received her M.S. in finance and economics in 1971 and Ph.D. in 1973, both from Louisiana State University. She has contributed to numerous books and publications, as well as presenting many research papers.

Dr. Phillips was born in Richmond, Virginia, and currently lives in Washington, D.C.

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