Rep. Barney Frank, D-Mass., is questioning the Volcker rule and wants regulators to simplify and finalize the rule by early September. Under the Dodd-Frank Act, the rule is scheduled to go into effect in July. Frank said regulators, including the Securities and Exchange Commission, the Federal Reserve and the Commodity Futures Trading Commission, must clarify "what, if any, compliance will be required between the statutory effective data and the date when a rule is issued."

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