A U.S. Senate bill to ease rules for some banks has drawn fire as a giveaway to Wall Street, even on the presidential campaign trail. But to this giveaway, the biggest U.S. banks are saying, “No, thanks.”

Last week, the Republican leader of the Senate Banking Committee pitched the most significant overhaul of the Dodd-Frank Act since the legislation’s 2010 enactment. Democrats responded by calling the proposal a “Wall Street deregulation package” that amounts to an industry wish list.