WASHINGTON — A bill by House Republicans that would delay implementation of derivatives rules has sparked a firestorm of controversy, with officials and lawmakers trading jabs over the pace of regulatory reform.

The bill, introduced by four key Republicans late last week, would grant the Securities and Exchange Commission and the Commodity Futures Trading Commission an 18-month reprieve — until as late as December 2012 — for issuing derivatives rules required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

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