WASHINGTON -- Swap dealers are raising strong objections to a policy adopted by the GFOA this week that urges the federal movement to take steps, possibly including legislation or regulation, to protect local governments against losses from derivatives.

"The policies ... contain statements which are at odds with the recent congressional testimony of industry experts and present and past financial regulators," Gay H. Evans, chairwoman of the International Swaps and Derivatives Association, said Tuesday in a letter to Jeffrey L. Esser, executive director of the Government Finance Officers Association.

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