House Banking Committee Chairman Jim Leach is turning up the heat on the Commodity Futures Trading Commission, which has refused to shelve its plan to regulate over-the-counter derivatives.

The Iowa Republican has drafted a statement in which he agrees not to seek legislation rescinding the Futures Commission's jurisdiction over these derivatives if the agency agrees not to impose new regulations. He urged agency Chairwoman Brooksley Born to sign the statement, which the Federal Reserve Board and Securities and Exchange Commission have endorsed.

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