The Senate on Tuesday approved a measure temporarily barring the Commodity Futures Trading Commission from proposing or issuing rules for over-the-counter derivatives.

The moratorium lasts until March 30. The House has approved a similar restriction, and the Clinton administration has said it supports the provision, which was included in the 1999 agriculture appropriations bill.

"This will reassure those who use swaps to manage risk because it reduces legal and regulatory risk," said Mark C. Brickell, a managing director at J.P. Morgan & Co. and a board member of the International Swaps and Derivatives Association.

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