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Republican efforts to roll back the Affordable Care Act, net neutrality and tax rates for corporations have all attracted fierce opposition from Democrats and left-leaning voters.

"Congress's appetite for pulling back bank regulations shows the renewed clout of the financial sector in Washington, not just in the GOP but also among Democrats".

Nevertheless, the bill isn't garnering rave reviews from all sides of the political spectrum.

Congress is set to give a bunch of banks more of what they want - which is to say, fewer regulators in their lives - with legislation making its way through the Senate this week.

"In a certain respect, this bill is a flawless complement to tax reform - further expanding opportunities for American families, communities, and small businesses", he said Tuesday on the Senate floor.

The move to alter key aspects of the Dodd-Frank law comes 10 years after the financial crisis rocked the nation's economy. The bill attempted to shift the burden of major financial mistakes from taxpayers to market participants, ensuring those who partake in risky investment practices would bear the financial burden of their mistakes.

Democratic backers say the bill can revitalize community banks and help the smaller institutions hold their own against Wall Street giants.

"This begins the process of pushing back a little bit on the excesses of Dodd-Frank", Toomey said, "which are holding back economic growth and imposing completely unreasonable costs on small banks and banks that are not systemically a threat to the country". The new bill would boost that threshold to $250 billion.

She was joined in her rebuke of the legislation by Vermont senator Bernie Sanders, who said in a statement: "Now is not the time to deregulate banks that have more than $3.5tn in assets and lay the groundwork for another massive financial collapse".

Sen. Elizabeth Warren D-Mass. a key member of the Banking Committee expresses her opposition to a move in the Senate to pass legislation that would roll back some of the safeguards Congress put into place after a financial crisis rocked the nation’s
Senate Takes First Step to Pass Bill Overhauling Dodd-Frank

"The bottom line is that S. 2155 does not require the deregulation of foreign banks, but they will no doubt be deregulated, which will once again put US taxpayers on the hook for bailouts of foreign banks rather than the taxpayers of those foreign countries", he said.

The bill reduces oversight of banks with assets between $50 billion and $250 billion, supposedly to help "community banks". He wrote in a letter to the Senate Banking Committee that it was too high, according to Keefe, Brunette & Woods analysts.

"This bill is all about the big banks", she said, adding that the bill raises the risk of another financial meltdown.

The Democrat pointed to the Congressional Budget Office's score of the legislation, which she said found that it would increase the chances of a big bank failing and put taxpayers on the hook for millions.

So given the risks, why are some Democrats signing on? She also was a special adviser for the Consumer Financial Protection Bureau before winning election to the Senate in 2012.

Not every Democrat is supporting the bill. Elizabeth Warren, D-Mass.

The House approved a bill easing banking restrictions in June and any proposal that passes out of the Senate would have to be reconciled before landing on the president's desk.

One reason the legislation may not have garnered as much attention as net neutrality or the ACA: Consumers may not immediately see how the regulations affect them.

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