Momentum in the U.S. Congress for revising the Volcker rule isbuilding as a group of U.S. senators proposed bipartisanlegislation that would delay the implementation date of theproprietary trading ban as regulators work on a revision.

A group of six U.S. senators proposed legislation today thatwould move implementation date from the July 21 date set by theDodd-Frank Act and align it with regulators' completion of detailedrules for the proprietary trading ban.

Representative Barney Frank, co-author of the Dodd-Frank Actthat required regulators to impose the ban, urged affected agenciesto complete work on a simplified version before Sept. 3, he said ina statement today. Frank also asked regulators to issue guidanceclarifying what compliance will be required if the agencies don'tcomplete the measure by July 21.