employees or even outsiders like lawyers who may have access to important information about a company before it becomes public. The SEC has five commissioners who are appointed by the president. No more than three can be members of the same political party; the five-year term of one of the commissioners expires each year. The Commodity Futures Trading Commission oversees the futures markets. It is particularly zealous in cracking down on many over-the-counter futures transactions, usually confining approved trading to the exchanges. But in general, it is considered a more gentle regulator than the SEC. In 1996, for example, it approved a record 92 new kinds of futures and farm commodity options contracts. From time to time, an especially aggressive SEC chairman asserts a vigorous role for that commission in regulating futures business.