The Federal Reserve proposed on Wednesday easing a rule designed to curb risky trading in the wake of the financial crisis, one of the most significant deregulatory measures for banks since President Donald Trump took office.

The proposal, unanimously advanced by the Federal Reserve and known as Volcker 2.0, means JPMorgan, Goldman Sachs and other banking behemoths would face fewer audits of individual securities and derivatives transactions. The banks would not have to spend as much time proving compliance, and traders would generally have more freedom to buy and sell securities.