The bill rolls back some regulations from the 2010 Dodd-Frank Act, which placed restrictions on banks in the wake of the financial crisis.
The legislative response to the financial crisis aims to ensure that banks' financial woes can't crash the broader economy.
Though the order was short on specifics, financial markets embraced Trump's signal that looser banking regulation is coming and pushed bank stocks higher.
President Trump signed executive orders pulling back from the Dodd-Frank act and the Labor retirement advice rule today.
The Republican-dominated Senate is expected to quickly take up killing both regulations and then send the resolutions to President Donald Trump to sign.
SEC chair vows to finish the job while Banking Committee Republicans want a halt until Donald Trump takes office.
Wells Fargo employees may have signed up people for life insurance without their knowledge or permission.
The final rule, required by the 2010 Dodd-Frank Wall Street reform law, is designed to prevent "too big to fail."