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AGRICULTURE, RURAL DEVELOPMENT AND
RELATED AGENCIES APPROPRIATIONS

FOR 1985

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COMMITTEE ON APPROPRIATIONS
HOUSE OF REPRESENTATIVES

NINETY-EIGHTH CONGRESS

SECOND SESSION.

SUBCOMMITTEE ON AGRICULTURE, RURAL DEVELOPMENT AND

RELATED AGENCIES

JAMIE L. WHITTEN, Mississippi, Chairman
BOB TRAXLER, Michigan

VIRGINIA SMITH, Nebraska
MATTHEW F. McHUGH, New York

J. KENNETH ROBINSON, Virginia
WILLIAM H. NATCHER, Kentucky

JOHN T. MYERS, Indiana
DANIEL K. AKAKA, Hawaii

HAROLD ROGERS, Kentucky
WES WATKINS, Oklahoma
JACK HIGHTOWER, Texas
NEAL SMITH, Iowa
BILL ALEXANDER, Arkansas

ROBERT B. FOSTER and HENRY E. MOORE, Staff Assistants

PART 7

AGRICULTURAL PROGRAMS

Commodity Futures Trading Commission .......
Food and Drug Administration

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1
269

Printed for the use of the Committee on Appropriations

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United States.
AGRICULTURE, RURAL DEVELOPMENT AND
RELATED AGENCIES APPROPRIATIONS

FOR 1985

HEARINGS

BEFORE A

SUBCOMMITTEE OF THE
COMMITTEE ON APPROPRIATIONS
HOUSE OF REPRESENTATIVES

NINETY-EIGHTH CONGRESS

SECOND SESSION

SUBCOMMITTEE ON AGRICULTURE, RURAL DEVELOPMENT AND

RELATED AGENCIES

JAMIE L. WHITTEN, Mississippi, Chairman
BOB TRAXLER, Michigan

VIRGINIA SMITH, Nebraska
MATTHEW F. McHUGH, New York

J. KENNETH ROBINSON, Virginia
WILLIAM H. NATCHER, Kentucky

JOHN T. MYERS, Indiana
DANIEL K. AKAKA, Hawaii

HAROLD ROGERS, Kentucky
WES WATKINS, Oklahoma
JACK HIGHTOWER, Texas
NEAL SMITH, Iowa
BILL ALEXANDER, Arkansas

ROBERT B. FOSTER and HENRY E. MOORE, Staff Assistants

PART 7

AGRICULTURAL PROGRAMS

Commodity Futures Trading Commission
Food and Drug Administration.

Page

1
269

Printed for the use of the Committee on Appropriations

U.S. GOVERNMENT PRINTING OFFICE

33-494 O

WASHINGTON : 1984

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COMMITTEE ON APPROPRIATIONS

JAMIE L. WHITTEN, Mississippi, Chairman EDWARD P. BOLAND, Massachusetts

SILVIO O. CONTE, Massachusetts WILLIAM H. NATCHER, Kentucky

JOSEPH M. McDADE, Pennsylvania NEAL SMITH, Iowa

JACK EDWARDS, Alabama JOSEPH P. ADDABBO, New York

JOHN T. MYERS, Indiana CLARENCE D. LONG, Maryland

J. KENNETH ROBINSON, Virginia SIDNEY R. YATES, Illinois

CLARENCE E. MILLER, Ohio DAVID R. OBEY, Wisconsin

LAWRENCE COUGHLIN, Pennsylvania EDWARD R. ROYBAL, California

C. W. BILL YOUNG, Florida LOUIS STOKES, Ohio

JACK F. KEMP, New York TOM BEVILL, Alabama

RALPH REGULA, Ohio BILL CHAPPELL, JR., Florida

GEORGE M. O'BRIEN, Illinois BILL ALEXANDER, Arkansas

VIRGINIA SMITH, Nebraska JOHN P. MURTHA, Pennsylvania

ELDON RUDD, Arizona BOB TRAXLER, Michigan

CARL D. PURSELL, Michigan JOSEPH D. EARLY, Massachusetts

MICKEY EDWARDS, Oklahoma CHARLES WILSON, Texas

BOB LIVINGSTON, Louisiana LINDY (MRS. HALE) BOGGS, Louisiana BILL GREEN, New York NORMAN D. DICKS, Washington

TOM LOEFFLER, Texas MATTHEW F. McHUGH, New York

JERRY LEWIS, California WILLIAM LEHMAN, Florida

JOHN EDWARD PORTER, Illinois JACK HIGHTOWER, Texas

HAROLD ROGERS, Kentucky
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
WILLIAM R. RATCHFORD, Connecticut
BILL BONER, Tennessee
STENY H. HOYER, Maryland
BOB CARR, Michigan
ROBERT J. MRAZEK, New York

KEITH F. MAINLAND, Clerk and Staff Director

AGRICULTURE, RURAL DEVELOPMENT RELATED AGENCIES APPROPRIATIONS 1985

AND
FOR

WEDNESDAY, MARCH 21, 1984. COMMODITY FUTURES TRADING COMMISSION

WITNESSES
SUSAN M. PHILLIPS, CHAIRMAN
DONALD L. TENDICK, ACTING EXECUTIVE DIRECTOR
G. HUNTINGTON BANISTER, DIRECTOR, OPERATIONS AND BUDGET

Mr. TRAXLER (presiding]. I am pleased to open the Subcommittee on Agriculture's hearing this afternoon. We will be hearing from the Commodity Futures Trading Commission. We are pleased to welcome Susan Phillips, Chairman.

Would you introduce yourself, please.

[The biographical sketches of Ms. Phillips and Messrs. Tendick and Banister follow:)

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 has been connected with the University of Iowa since 1974 and is currently on leave from her position as Associate Professor of Finance. She also served the University as Associate Vice President of Finance and University Services 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 has 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 economics in 1967. She is also a member of Phi Beta Kappa. 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.

DONALD L. TENDICK Donald L. Tendick is Acting Executive Director of the Commodity Futures Trading Commission.

Mr. Tendick has been involved with commodity industry regulation since 1964. A native of rural central Illinois, he received his Bachelor of Science degree in agricultural industries in 1964 from the University of Illinois, and earned his Masters of Business Administration degree in business economics from the University of Chicago in 1972.

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