President Donald Trump's promise to loosen post-financial crisis regulations by dismantling Dodd-Frank is making headway. House Republicans approved a bill to rework the law in a 233-186 vote Thursday, though it is not likely to pass the Senate as smoothly.

The bill, named the Financial Choice Act, would erase and rework rules in the Obama-era law, exempting some financial institutions that meet certain capital and liquidity requirements to be exempt from certain Dodd-Frank rules, the New York Times reports. The goal is to cut through the bureaucratic red tape that the new bill's supporters claim is stifling the growth of small businesses and limiting risk-taking.

Critics said the bill would not easily pass the Senate. Senate Democrats' say they have little interest in reforming Wall Street regulations that aim to keep the country's financial system safe, and Republicans are bogged down with healthcare and tax policy, which may slow progress, Bloomberg reports.

Dodd-Frank was signed into law by President Barack Obama in July 2010 to further regulate the country’s financial system and protect investors after the financial crisis. It heightened bank capital requirements and bank stress tests. But the legislation has been widely contested by those who claim its regulations are overreaching and weigh heavily on smaller institutions.

Though some major financial institutions are applauding the push for deregulation, some banking execs have requested the bill not be killed off entirely, instead calling for simpler stress tests and increased clarity for capital requirements.