Gary Gensler, chairman of the Commodity Futures Trading Commission, and Henry Hu, director of the Securities and Exchange Commission's risk-management division, scrutinized a proposal from U.S. Rep. Barney Frank to overhaul regulation of derivatives markets. "This wording could cause a large number of important entities to fall outside this needed new regulation," Hu said. Gensler said Fannie Mae, Freddie Mac and other key entities could avoid regulation under Frank's plan.

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