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.
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."