Momentum in the U.S. Congress for revising the Volcker rule is building as a group of U.S. senators proposed bipartisan legislation that would delay the implementation date of the proprietary trading ban as regulators work on a revision.

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

Representative Barney Frank, co-author of the Dodd-Frank Act that required regulators to impose the ban, urged affected agencies to complete work on a simplified version before Sept. 3, he said in a statement today. Frank also asked regulators to issue guidance clarifying what compliance will be required if the agencies don't complete the measure by July 21.