The House of Representatives passed a bill to roll back the Dodd-Frank law on Thursday, voting along party lines to gut regulations that Republicans see as dampening lending and harming small banks.

The bill cleared the House on a vote of 233 to 186. One Republican voted against the measure.

Called the Financial Choice Act, the measure would allow banks to opt out of some regulations if they hold enough capital and would repeal the Volcker rule that barred banks from speculative trading.

House Speaker Paul Ryan said the measure “delivers regulatory relief…small banks so desperately need.”

Rep. Jeb Hensarling, the Republican from Texas, chair of the House Financial Services panel and author of the legislation, said Dodd-Frank is a major factor in limiting GDP growth in the wake of the financial crisis.

Democrats said the Choice Act would return the country to the loose regulatory environment that existed prior to the financial crisis.

“This is a dangerous piece of legislation,” said House Democratic Whip Steny Hoyer of Maryland.

Consumer groups said the measure would “gut” the Consumer Financial Protection Bureau, a watchdog agency for financial fraud.

Republicans said the law increases oversight of the agency.

The measure would take away emergency powers that regulators have to wind down a failing bank which Hensarling “enshrined” Wall Street bailouts into law.

Instead, Republicans want any failing bank to go to bankruptcy court. Former Fed chief Ben Bernanke argued against this provision earlier this week, saying bankruptcy wasn’t realistic during the chaos of a crisis.

During the debate, the two sides sparred over whether Wall Street is in favor of the Choice Act.

Hensarling cited comments from big bank CEOs saying that they could live with the Dodd-Frank law. But Democrats noted that the American Bankers Association, a lobbying group for banks, has spoken favorably about measures contained in Hensarling’s legislation.

Rep. Brad Sherman, a Democrat from California, said in a speech on the House floor that the conventional wisdom believes the Choice Act has little chance of passing the Senate. He urged House Republicans to return to the negotiating table.

Sen. Mike Crapo, the Republican from Idaho, who is the chair of the Senate Banking Committee, is talking with Senate Democrats about drafting a consensus bill with limited reforms.

Brian Gardner, a policy analyst with Keefe, Bruyette & Woods, said investors “should pay close attention to ongoing bipartisan negotiations in the Senate.”