The U.S. Treasury and Sen. Elizabeth Warren warned Monday that a slew of bills set to be considered by a House panel Tuesday would be a step toward another financial crisis.

By advancing legislation to change the governance of the council of regulators set up by the 2010 Dodd-Frank financial reform law, Congress is "threatening to turn back the clock and potentially pave the way for a future crisis," Treasury official Patrick Pinschmidt wrote in an op-ed for CNBC.

Warren, the Massachusetts Democrat and prominent critic of Wall Street, wrote on her Facebook page that Republicans "want to make it much harder for regulators to monitor huge financial institutions and prevent future economic meltdowns."

"Democrats must stand strong and fight back Republican efforts to weaken oversight," Warren said.

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