WASHINGTON -- Bank regulators and market participants gave conflicting reasons for opposing a derivatives bill yesterday at a hearing, where sparks flew when a sponsor of the measure accused an industry official of misrepresenting its provisions.

The bill, which was introduced in May by Reps. Henry Gonzalez, D-Tex., and Jim Leach, R-Iowa, calls for federal regulators to establish comprehensive and consistent standards for banks' derivatives activities.

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