WASHINGTON — A bill to overhaul commodity futures trading, slammed by the country’s stock and commodities exchanges last week, received considerable support from the Clinton administration and the financial services industry on Wednesday.

The Commodity Futures Modernization Act of 2000 is important to the banking industry because it would make swaps contracts explicitly legal and enforceable. At the end of June, U.S. banks held swaps contracts with a notional value of more than $20 trillion.

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