The Commodity Futures Trading Commission has approved a proposal in a 3-2 vote that would explain how companies can be exempt from new derivatives rules. A second vote in favor of the proposal is needed before it can be implemented. Gary Gensler, chairman of the CFTC, said the proposal fulfills a congressional mandate that requires that some companies be given exemption. Some CFTC commissioners, however, wanted the proposal to clearly state whether small banks and credit unions could qualify for exemption.

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