US banking regulation under the 2010 Dodd-Frank Act could be relaxed following a vote in Congress.

The changes are contained in the Choice Act, which still has to pass through the Senate. That could be tricky given the Republican’s slim majority.

But the act could exempt some financial institutions  from meeting capital and liquidity requirements. It could also lift restrictions on risk taking.

The the Labour Department’s fiduciary rule, which requires brokers to act in the best interest of their clients when providing investment advice about retirement, could also be scrapped.

In addition, the Consumer Financial Protection Bureau could lose powers. The proposed law changes would reduce the agency’s oversight powers. And it could give the US President the right to fire the agency’s director.