Some media reports have revealed that a U. S. Senate panel on Wednesday voted to approve a measure regulating over-the-counter derivatives trading with a vote that included one breakaway Republican.

The New York Times has reported that the Senate Agriculture Committee, which oversees the Commodity Future Trading Commission, approved the measure that allows for the exception of derivatives that hedge against foreign currency exchange rates.

Derivatives are frequently used, to hedge against price swings.

She proposed the exemption after discussions with other senators and business representatives earlier in the day, Committee Chairwoman Blanche Lincoln, D-Ark., said.

Lone Republican supporting the measure in the 13-8 vote was Sen. Charles Grassley, R-Iowa. But he said his decision did not guarantee he would vote for the overall financial reform bill headed toward approval by the full Senate.

He further said, "I hope the floor debate on a larger financial reform package is different, and that good policy is put ahead of politics."

"There needs to be 100 percent transparency," Sen. Saxby Chambliss, R-Ga., said.

However, it was added by him that the proposal would hurt community and agricultural banks that were not to blame for the recent financial meltdown. (With Inputs from Agencies)