Republicans are preparing to introduce legislation that will loosen some of the restrictions placed on financial institutions as a result of the 2010 Dodd-Frank Act and while the measure is unlikely to pass this Congress, it could pave the way for a lager conversation later, according to the New York Times. The legislation, called the Financial Choice Act, originated with the GOP-led House Financial Services Committee and would revise many of the key provisions in the Dodd-Frank Act, which was passed in the wake of the financial crisis. 

It would replace the orderly liquidation authority, where a company on the verge of failure can be placed into the FDIC's receivership to be wound down, with a new chapter in the bankruptcy code. It would also repeal the Volcker Rule, which was meant to generally prevent banks from engaging in short-term proprietary trading for their own benefit. Another major change is it would prevent the Financial Stability Oversight Council (made up of federal financial regulators) from designating a financial institution as "systemically important," which subjects it to heightened regulatory standards. Banks would also be exempt from certain other regulatory standards, such as capital and liquidity requirements, if they maintain a 10 percent leverage ratio. Further, the provision would replace the Consumer Financial Protection Bureau's head with a bipartisan commission, and would have to abide by increased cost-benefit analysis in its regulatory actions. 

Outside these provisions, the proposal would also increase penalties for financial fraud and introduce greater transparency to the enforcement process.

The Times said the White House is strongly against any measure that would roll back the Dodd-Frank Act's powers, with the president saying it makes no sense to let banks do the same things that led to the economic crisis in the first place.