The House passed a massive rollback of financial regulations on Tuesday as members voted 258-159 to push to the Oval Office, CNBC reports.

Why it matters: Per CNBC, the bill "makes good on Republican promises to cut red tape...but does not go nearly as far as some GOP lawmakers had hoped." A senior White House official told reporters on Tuesday that they hope to get the bill to the president's desk before Memorial Day.

What it does: The threshold for banks to "face stricter Federal Reserve oversight as systemically important financial institutions" is raised from $50 billion to $250 billion, Bloomberg reports.