(This June 12 story removes "that" from second paragraph, adds "sought" to seventh paragraph)

By Pete Schroeder and Lisa Lambert

(Reuters) - The U.S. Treasury Department unveiled a sweeping plan on Monday to upend the country's financial regulatory framework, which, if successful, would grant many items on Wall Street's wishlist.

The nearly 150-page report suggested more than 100 changes, most of which would be made through regulators rather than Congress, Treasury Secretary Steven Mnuchin said in an interview. (http://bit.ly/2sVxOlt)

"We were very focused on, what we can do by executive order and through regulators," he said. "We think about 80 percent of the substance in the report can be accomplished by regulatory changes, and about 20 percent by legislation."

Republican President Donald Trump has gradually been nominating heads of financial agencies to carry out his agenda, but only Mnuchin and Securities and Exchange Commission Chairman Jay Clayton have been approved by Congress. Other agencies are operating under "acting" chiefs or have leaders appointed by Trump's Democratic predecessor, Barack Obama.

Changes proposed by the Treasury Department include easing up on restrictions big banks now face in their trading operations, lightening the annual stress tests they must undergo, and reducing the powers of the Consumer Financial Protection Bureau (CFPB), which has been aggressively pursuing bad behavior by financial institutions.

The plan would also expand the authority of the Financial Stability Oversight Council, which is chaired by Mnuchin, and change the way global capital standards are implemented to give U.S. banks a leg up against foreign rivals. Smaller banks would get some relief as well: Lenders with $50 billion or less in assets would have to jump through fewer regulatory hoops than rivals with multitrillion-dollar balance sheets.

The industry has long sought many of the proposed changes, which would mostly benefit banks like JPMorgan Chase & Co (JPM.N), Bank of America Corp (BAC.N), Citigroup Inc (C.N), Wells Fargo & Co (WFC.N), Goldman Sachs Group Inc (GS.N) and Morgan Stanley (MS.N).

Industry trade groups applauded the proposal on Monday evening, though some said they wished there were more specifics on tricky questions, such as what level regulators should set for banks' assets before subjecting them to stricter rules.

"This is the first time in a while where there's been an official undertaking where our concerns resonated with the folks in the driver's seat," said Rich Foster, senior counsel for regulatory and legal affairs at the Financial Services Roundtable, a trade group.