Republicans charge that the rule as implemented by financial regulators is too complex to implement, and note that regulators have asked market participants to answer more than 1,300 questions about the proposed rules.

"Despite claims from Dodd-Frank supporters that our foreign competitors would implement the same restrictions on proprietary trading, no other country has any plans to do so," House Financial Services Committee Chairman Spencer BachusSpencer Thomas BachusManufacturers ramp up pressure on Senate to fill Ex-Im Bank board Bipartisan group of House lawmakers urge action on Export-Import Bank nominees Overnight Finance: Trump, lawmakers take key step to immigration deal | Trump urges Congress to bring back earmarks | Tax law poised to create windfall for states | Trump to attend Davos | Dimon walks back bitcoin criticism MORE (R-Ala.) said. "Therefore, we run the grave risk of creating an unlevel playing field that disadvantages the U.S. economy at a time when unemployment remains stubbornly high."

The Financial Institutions and Consumer Credit subcommittee and Capital Markets and Government Sponsored Enterprises subcommittee will hold the hearing on Jan. 18.

The heads of the Federal Deposit Insurance Corporation, Commodity Futures Trading Commission, Securities and Exchange Commission and the Comptroller of the Currency are expected to testify, in addition to Federal Reserve Governor Dan Tarullo.

The U.S. Chamber of Commerce on Wednesday asked that business have through mid-March to comment on the draft regulations.

"This will give all stake holders the ability to review the work of five regulators and answer the more than 1,000 questions that are being asked," said David Hirschmann, who leads the Chamber's Center for Capital Markets Competitiveness. "This is not only an issue of fairness, but also will provide the regulators with informed input needed to avoid unintended consequences that can harm the economy."