WASHINGTON — In competitive sports, being first is always the goal. But the distance between the U.S. — at the head of the pack — and the rest of the world in crafting financial reforms is becoming a major hurdle for implementing the Dodd-Frank Act.

That was the focal point of a Senate hearing Thursday where lawmakers grilled financial policymakers on progress instituting rules — on everything from the Volcker Rule to derivatives to a resolution facility — that could conflict with foreign regimes lacking similar reforms.

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