WASHINGTON -- Rep. Edward Markey, D-Mass., said yesterday that he and Rep. John Dingell, D-Mich., will draft a bill designed to close the "gaps" in the regulation of over-the-counter derivatives that are identified in a new General Accounting Office report.

Markey, the chairman of the Energy and Commerce Committee panel that has jurisdiction over securities, said he and Dingell, who heads the full committee, intend to "craft an appropriate package aimed at assuring that the necessary legislative and regulatory reforms that the GAO has recommended actually take place."

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