U.S. Representative Barney Frank urged regulators to complete work on a simplified version of the Volcker rule ban of proprietary trading before Sept. 3 and to issue guidance clarifying what compliance will be required if the agencies don’t complete the measure by July 21.

Frank, the Massachusetts Democrat who co-wrote the regulatory overhaul that created the Volcker rule, made the comments in a statement.

He called for the simpler rule to be finished by the U.S. Labor Day holiday, which is Sept. 3 this year.