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UPDATE 1-U.S. House passes bill to replace Dodd-Frank Wall Street reform law

(Adds details, likelihood of Senate passage, reaction)

WASHINGTON, June 8 (Reuters) - The U.S. House of Representatives on Thursday voted largely along party lines to replace the 2010 Dodd-Frank Wall Street reform law, a move that is expected to die in the Senate but open the door to revamping or eliminating regulations that came out of the 2007-09 financial crisis.

The bill, called the CHOICE act, was approved by a vote of 233-to-186. Authored by House Financial Services Committee Chairman Jeb Hensarling, a Republican, it gives banks a choice between complying with Dodd-Frank or holding onto more capital.

It also restructures the Consumer Financial Protection Bureau, created under Dodd-Frank to guard individuals against fraud in lending. Democrats are fiercely opposed to restructuring the CFPB.

The U.S. Senate is not expected to take up the bill in its entirety, even though it has the backing of President Donald Trump, a Republican, largely because of the threat that Democrats will use a filibuster to stall it.

The Congressional Budget Office, a non-partisan evaluator of legislation, estimates the bill would save the federal government $24 billion over a decade, mostly due to the lifting of the government's authority to step in and unwind failing institutions.

The legislation also rescinds the Volcker rule that limits the type of trading banks can do with their own money and the ability of government regulators to designate non-bank institutions, mainly insurance companies, as "systemically important," which triggers increased oversight and requirements to hold more capital. (Additional reporting by Sarah N. Lynch; Editing by Leslie Adler)