“The House will probably move a little quicker and probably move a little bolder,” Hensarling said in an interview with Bloomberg Television. “At some point, we will go and deal with whatever the Senate work product will be.”

The new Senate Banking chairman, Mike Crapo of Idaho, hasn’t yet outlined his own plan, but the Republican prides himself as a dealmaker and wants to work with Democrats. He said he is collaborating with the administration, House and members on the committee to devise a plan. "I haven’t made a specific timeline yet," he said in an interview before Trump unveiled his directive.

Sherrod Brown of Ohio, the top Democrat on the panel, has said he’s eager to work on a bipartisan bill, but not if it entails ripping up core parts of the law that protect consumers. Senators, including Chuck Schumer of New York, the Democratic leader, and Elizabeth Warren of Massachusetts, have also torched Trump’s calls to upend Dodd-Frank.

Senate Republicans would need to woo at least eight Democrats to join them on a bipartisan Dodd-Frank overhaul, but they don’t even have a starting point for any negotiations. Having 10 Senate Democrats facing re-election in states Trump won theoretically gives Republicans a chance for bipartisan action, but making life easier for bankers isn’t high on the to-do list of any of those Democrats.

A senior Democratic aide said Monday that any bill gutting or repealing Dodd-Frank would unite the party and cast doubt on Trump’s promises to rein in Wall Street.

Anticipating opposition, some Republicans are already talking about going it alone, and trying to shoehorn changes into a budget reconciliation bill that would require just a simple majority to pass.

Even that path is extremely difficult. At least 50 of the 52 Republican senators would need to stick together, while the Senate parliamentarian would also have to agree that any Dodd-Frank changes would have a measurable impact on the federal budget. Republicans could separately try to push smaller tweaks as amendments to must-pass spending bills, but without Democratic support that would risk a government shutdown.

In addition to Democratic opposition, a legislative overhaul isn’t likely to happen soon for another reason: a jam-packed agenda. Between confirming Trump’s nominations, keeping the government running past April 28 and overhauling health care and taxes, there’s not much room on the Senate calendar.

It took a year and a half for a Democratic Congress to pass the original law, as other priorities took precedence.

And the politics of gutting Dodd-Frank might not play well for Republicans as they get closer to the midterm elections in 2018. Many red-state voters live in places that haven’t fully recovered from the collapse of the housing market and 2008 financial crisis, while banking scandals give Democrats fresh ammunition to defend the need for tighter regulations.

As for what the Trump administration could do on its own, it’ll take months for the Treasury Department to review the law under the executive order. Trump’s Treasury nominee, Steven Mnuchin, is set for a confirmation vote in the Senate as soon as this week.

It could take years for federal agencies to roll back some of Dodd-Frank’s regulations.