WASHINGTON — The Senate Agriculture Committee’s passage yesterday of a bill to regulate over-the-counter derivatives and impose a fiduciary duty on swap dealers for muni issuers drew polarized reactions yesterday. Dealer representatives warned that it would kill the muni derivatives market while a former regulator applauded the provision and called for lawmakers to go even further.

Meanwhile, the chairman of the Securities and Exchange Commission warned it would weaken the SEC’s authority and not go far enough to protect municipal issuers.

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