The U.S. Senate may vote on a measure to overhaul the implementation of the Dodd-Frank Act's derivatives regulations, giving the chamber's Republicans a rare opportunity to strike at a law the majority of them opposed.

Senator Mike Crapo, an Idaho Republican, offered the measure as an amendment yesterday that would restrict funding for the Commodity Futures Trading Commission's implementation of the law until the agency provides quantitative analyses and assessments of the impact of the new rules on the economy, the $601 trillion derivatives market and its liquidity, as well as an analysis of the international harmonization efforts.

"I focus on the CFTC to send a strong message to all regulators involved in the rulemaking process that we cannot afford regulations that unnecessarily burden our businesses, our economy, and our competitive position in the global marketplace," Crapo, a senior member of the Banking Committee, said yesterday on the Senate floor.

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