President Donald Trump has previously indicated he wants to start undoing the financial services regulations, which were introduced by Barack Obama in 2010.
They were designed to prevent financial institutions from acting in an irresponsible manner and prevent another global economic crash.
The vote in favour to pass the Choice Act took place on the same day that the former FBI director James Comey testified to the Senate about the circumstances of his firing and allegations he was pressured by Trump to drop the investigation into Russia’s influence in the 2016 election.
The bill had no votes from the Democrats, and it is unlikely to pass in the Senate.
Trump tweeted on Friday, “Congratulations to Jeb Hensarling and Republicans on successful House vote to repeal major parts of the 2010 Dodd-Frank financial law. GROWTH!”
The bill includes measures that would allow cuts in regulatory requirements for banks and cut stress tests back from their current annual schedule and would scrap the Consumer Financial Protection Bureau.