Commodity Futures Trading Commission Chairman William T. Bagley yesterday said he will make an around the trip to discuss commodities problems in Europe and Japan next month.
Bagley, who earlier announced plans to retire before the end of the year, said the trip was "official business."
The commission chairman said he plans to fly to Switzerland for a Sept. 7 meeting with Swiss commodity traders and then fly to Japan for a series of meetings the following week. He said he would spend a day in Hong Kong while enroute to Japan.
"It sure as hell is official business" Bagley said yesterday when asked about the trip. He produced invitations from the U.S. Ambassador to Switzerland, Marvin L. Warner, and the chairman of the Japanese Federation of Commodity Exchanges indicating the trips had been discussed for several months.
Bagley said he had been too busy with congressional debate over reauthorization of the CFTC to accept the invitations before.
Bagley said he combined the trip to Japan with the trip to Switzerland so that "instead of coming back the same way I went, I can come back the other" (around the world. Bagley said he would travel alone and has not made reservations so he does not know the cost of the two-week tour.