WASHINGTON - In a move that appears to kill derivatives legislation for the time being, Rep. John Dingell, D-Mich., warned yesterday that he plans to "exercise great caution and care" before drafting any measure that would restrict the use of derivatives.

Dingell, who chairs the House Energy and Commerce Committee that has jurisdiction over securities, gave the warning in a written statement that was released at telecommunications and finance subcommittee hearing on derivatives.

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