A U.S. Senate committee advanced legislation Tuesday that would ease financial rules for banks for the first time since the 2007-2009 financial crisis.

The Banking Committee advanced the legislative package by a vote of 16 to 7, where it now heads to the full Senate for consideration.

The bill would ease regulatory requirements for banks with under $250 billion in assets, among other changes to rules imposed by the 2010 Dodd-Frank financial reform law.

The bill is supported by nearly every Republican in the Senate and at least 12 Democrats, making its passage extremely likely. The high likelihood the changes may become law has led to intense lobbying by industry groups eager to see legal changes included in the measure that they view as beneficial.

Read more in Reuters.