The Onion Futures Act prohibits trading in onion futures in the United States — but this wasn't always the case. During the early 1950s, onion futures trading accounted for about 20 percent of all trades on the Chicago Mercantile Exchange. It was already a volatile market, because onions go bad fairly easily, but in 1955, a New York onion grower, Vincent Kosuga, and a Chicago produce distributor, Sam Siegel, bought up 98 percent of the onion market in Chicago and made millions of US Dollars short selling, which led to a crash. The Commodity Exchange Authority called a hearing, and then-Senator Gerald Ford proposed the Onions Futures Act.
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