The president on Friday signed an executive order to identify changes to the law enacted after the 2008 financial crisis.
"The Dodd-Frank Act is a disastrous policy that's hindering our markets, reducing the availability of credit and crippling our economy's ability to grow and create jobs," said White House Press Secretary Sean Spicer.
Trump also signed a presidential memorandum that instructs the Labor Department to delay implementing an Obama-era rule requiring financial professionals who charge commissions to put their clients' best interests first when giving advice on retirement investments.
"Taken together, Mr. Trump’s actions on Friday constitute an extensive effort to loosen regulations on banks and other major financial companies, even though the president campaigned as a champion of working Americans and as a critic of Wall Street elites," says The New York Times.
Trump said on Friday that his actions are intended to help both Wall Street and workers as his administration eases constraints on banks and allows them to lend more to companies, which then could hire more workers.