Wall Street regulators have agreed to rewrite the Volcker Rule, according to three people familiar with the matter, moving to loosen industry-despised restrictions that were central to the U.S. response to the financial crisis.

The five agencies that wrote the original limits on banks investing with their own capital have decided to begin working together on a revision, said the people, who requested anonymity because the discussions aren't public. The changes discussed at a closed-door meeting on Friday will likely give big banks more flexibility for handling client trades, as well as investments in private equity and hedge funds.

The planned rewrite of Volcker highlights the administration's efforts to use agencies to roll back regulations without having to go through a Congress that has failed to advance many of President Donald Trump's other priorities. Regulators aligned with Trump have indicated they'll be guided by Treasury Secretary Steven Mnuchin's June report calling for “significant changes” to the rule, which was designed to rein in risky trading after the financial crisis.