The Republican-led House has passed a bill rolling back some Obama-era financial regulations.

FOX's Rachel Sutherland reports from Washington:

The Financial Choice Act would allow banks to bypass rules passed after the 2008 financial crisis, including Dodd-Frank regulations. Republicans say the deregulation bill will create jobs.

Democratic House Leader Nancy Pelosi says:

(Pelosi) "House Republicans are pushing a dangerous Wall Street first. Wall Street first, that's who they are. A bill that would drag us back to the days of the great recession."

The legislation faces a tough climb in the Senate, much like health care. Senators could decide to craft their own financial deregulation bill.

In Washington, Rachel Sutherland, FOX News.

Follow Rachel Sutherland on Twitter: @SutherlandFOX