On Tuesday, the House voted to pass the largest rollback of financial regulations since the global financial crisis. The margin was 258-159, with 33 Democrats supporting the legislation. The legislation is a chance for Trump to follow up on his promise to "do a big number" on the Dodd-Frank Act.

The legislation would be the most significant cut of banking oversight to become law since Dodd-Frank was enacted in 2010. It may be Congress's last attempt at pulling back financial regulation before midterm elections in November.

Paul D. Ryan, the House Speaker and Wisconsin Republican, said the bill's passage was a step toward "freeing our economy from overregulation."

"Our smaller banks are engines of growth," he said. "By lending to small businesses and offering banking services for consumers, these institutions are and will remain vital for millions of Americans who participate in our economy."

The bill sees out Republican promises to cut red tape that they allege hurts businesses, but does not go nearly as far as some GOP lawmakers had hoped. It also appeases some Democrats who argue financial rules passed following the financial meltdown unnecessarily crippled small and mid-sized lenders.

The measure eases restrictions on all but the biggest banks. It raises the threshold for "too big to fail" from $50 billion to $250 billion, meaning that smaller institutions would not have to partake in stress tests or submit living wills, both safety mechanisms designed to plan for financial upheaval.

Further, the bill eases mortgage loan data reporting requirements for the large majority of banks. It would add some safeguards for student loan borrowers and also require credit reporting companies to provide free credit monitoring services.

"This is a bill for the small banks that are the financial anchors of our communities. ... It addresses some of Dodd Frank's biggest burdens to ease the regulatory costs on these small banks - costs which are ultimately transferred on to consumers," said House Speaker Paul Ryan.

On the other hand, moderate Democrats' support for the bill has sparked fights with progressives like Senator Elizabeth Warren of Massachusetts, who say the bill is a boon for bank lobbyists as a whole.

"The bill would raise the asset threshold at which banks would be subject to enhanced supervision by regulators, weaken stress tests and capital requirements for big banks, undermine critical mortgage protections, and exempt 85% of depository institutions from reporting important Home Mortgage Disclosure Act data," Representative Maxine Waters of California, the top Democrat on the House Financial Services Committee, said before the vote. "I'm all for helping community banks and credit unions but this bill goes way beyond that and includes massive giveaways to Wall Street."

White House officials said after the bill passed, they hoped to get it to Trump's desk for signing before Memorial Day, calling it an important step toward freeing the economy of regulations that have stunted growth. As promised, Trump signed the bill into law on Thursday.