NEW YORK — The House voted Wednesday to overturn a rule that would have limited bank overdraft fees to $5, following the Senate in moving to dismantle the regulation that the Biden administration had estimated would save consumers billions of dollars.

The resolution killing the rule, which passed the House 217-211, will now head to the White House for President Donald Trump’s signature. Republicans argued that the “disastrous” regulation issued in the final days of President Joe Biden’s term would have forced banks to stop offering overdraft protection altogether and made it harder for Americans to access credit.

“Competition and innovation, not government-mandated price caps, remain the best way to ensure consumers have access to affordable financial products and services,” said Arkansas Rep. French Hill, chairman of the House Financial Services Committee.

Currently, the nation’s biggest banks take in roughly $8 billion in the charges every year, according to data from the Consumer Financial Protection Bureau and bank public records. Right now, there is no cap on the overdraft fees that banks can legally charge.

Banks and banking groups had previously sued over the rule, arguing that it would have led to consumers leaning on worse, less-regulated services. Republicans voted to undo the regulation under a 1996 law that allows Congress to reverse recently adopted rules.