We present a Chern-Simons theory of the fractional quantum Hall effect in which flux attachment is followed by a transformation that effectively attaches the correlation holes. We extract the correlated wavefunctions, compute the drift and cyclotron currents (due to inhomogeneous density), exhibit the Read operator, and operators that create quasi-particles and holes. We show how the bare kinetic energy can get quenched and replaced by one due to interactions. We find that for ν = 1/2 the low energy theory has neutral quasiparticles and give the effective hamiltonian and constraints.The experimental discovery of the Fractional Quantum Hall Effect 1,2 led to theoretical response on two fronts: trial wavefunctions that captured the essential physics and approximate computational schemes starting with the microscopic hamiltonian. The most successful among the latter has been the Chern-Simons (CS) field theory 3,4,5,6,7,8,9,10,11,12,13,14,15,16 . Here we present a formulation of the CS theory which resolves several nagging questions and exposes the physics in a particularly transparent way. We illustrate our method through the cases ν = 1/3 and ν = 1/2, where the filling fraction ν = 2πn/eB, n being the particle density, −e the electron charge and B the magnetic field down the z-axis. Our results for ν = p/(2np + 1) will be reported later. We set h = c = volume = 1, z = x + iy, and l 0 = (eB) −1/2 the cyclotron length.In the CS approach one introduces a wavefunction for the CS particles in terms of the electronic one as follows:where l is the number of flux quanta to be attached. The prefactor introduces a gauge field a obeyingIn second quantized form, the CS action density iswhere A is the external vector potential and m is the bare mass. The coulomb interaction will be added later. By shifting a we can cancel eA upon choosing l = 3 for ν = 1/3 and l = 2 for ν = 1/2. Hereafter a and ψ † ψ = ρ (the density) will denote normal-ordered quantities. Whereas in the quest for wavefunctions, we can build in not just the phase, but all of (z i − z j ) l , or even the ubiquitous gaussian factors into the process of flux attachment, doing so here would lead to a complex vector potential. 17 . The correlation zeros must therefore be extracted out of the fluctuations 13 . We now introduce our scheme (inspired by the work of Bohm-Pines 18 ) and define a composite particle (CP) field, where P may stand for fermion F or boson B:The transformation kills the a 0 ψψ term and introduces a longitudinal vector potential 2πl P defined byin the kinetic energy term, while a 0 ( ∇×a 2πl ) becomeswhere P = −iq · P and a = iq × a, so that the longitudinal and transverse vector potential are now canonically conjugate and the constraint field has become dynamical! The hamiltonian density is H = 1 2m |(−i∇ + a + 2πlP)ψ| 2= 1 2m |∇ψ| 2 + n 2m (a 2 + 4π 2 l 2 P 2 )