April 9 (Reuters) - The Republican-controlled U.S. House

of Representatives on Wednesday voted to scrap two consumer

finance rules adopted under former President Joe Biden that

capped bank overdraft fees and gave officials the power to

supervise the legal compliance of tech companies' digital

wallets and payment apps.

Since similar resolutions have already passed the U.S.

Senate, they now await President Donald Trump's signature.

The votes advance Republican efforts to enact a broad

reversal of Biden-era regulations, coinciding with Trump's

wholesale moves to shrink the federal government.

The measures passed largely along party lines, with the thin

Republican majority prevailing in both cases. Under federal law,

if Trump signs the resolutions, the regulations will then be

rescinded and the government barred from adopting similar

regulations without explicit authorization from Congress.

In the Biden administration's final weeks, the U.S. Consumer

Financial Protection Bureau adopted the rules over Republican

and industry groups' objections, as they contended the agency's

actions were unjustified and exceeded its authority.

The overdraft rule would in most cases have capped such

charges at $5. The so-called larger participants rule would have

exposed tech companies offering payment services, like Apple

Wallet, Google Pay, and others to government

supervision in much the same manner as banks -- something the

banking sector supported by Silicon Valley strongly opposed.

According to the CFPB, banks sometimes unfairly imposed

overdraft fees that helped drive corporate profits but extracted

billions every year from millions of households.