WASHINGTON — A House committee on Tuesday approved a bill to roll back significant portions of the financial-crisis-era overhaul known as the Dodd-Frank Act in a vote that was largely down party lines.

The legislation, the Financial Choice Act, is not expected to be adopted this year. But it could influence the broader debate over financial reform and provide a starting point for its sponsor, Jeb Hensarling, Republican of Texas and the chairman of the House Financial Services Committee, whose leadership role on the panel is set to end in two years.

“He’s trying to frame the debate going forward and lay some groundwork for next year,” said Mark A. Calabria, director of financial regulation studies at the Cato Institute, and a former Republican staff member in the Senate. “This is your last window before the election.”

The Financial Choice Act split the banking panel with a vote of 30 to 26, with just one Republican, Representative Bruce Poliquin of Maine, siding with the committee’s Democrats against it.