Wall Street's challenge to U.S. regulations limiting speculation in commodities including oil and natural gas should be dismissed because Congress required the rules under the Dodd-Frank Act, 35 Democratic Senators and Representatives said in briefs submitted to a federal judge.

The 2010 Dodd-Frank law “was designed and intended to make those position limits mandatory,” 18 Democratic and one Independent senator said in a friend of the court brief submitted to the court. In a separate brief scheduled to be filed, 17 Democratic House members said the law didn't require an analysis prior to completion.

Trade associations representing companies including JPMorgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley sued to overturn the U.S. Commodity Futures Trading Commission regulation approved last year that would cap the number of contracts a derivatives trader can have.