The executive order directs the Department of Treasury to consult with regulatory agencies and report to the president about what could be done to eliminate what the administration considers "overreaching" aspects of Dodd-Frank affecting Wall Street.
The Dodd-Frank Wall Street Reform and Consumer Protection Act is the massive financial regulatory law established under President Barack Obama that specifically targeted financial institutions considered "too big to fail" following the financial crisis of 2007-08, which led to the global Great Recession.
White House Press Secretary Sean Spicer during Friday's briefing described the Dodd-Frank Act as "overreaching" and "disastrous."
"We desperately need to overhaul how we approach financial regulation," he said.
White House National Economic Council Director Gary Cohn, Goldman Sachs' former president and chief operating officer, said the executive order is part of a plan to dismantle much of the regulatory system put in place following the financial crisis.
"Americans are going to have better choices and Americans are going to have better products because we're not going to burden the banks with literally hundreds of billions of dollars of regulatory costs every year," Cohn told The Wall Street Journal. "The banks are going to be able to price product more efficiently and more effectively to consumers."
Trump also signed an order delaying the implementation of a rule that would require financial advisers to act in their client's "best interests" when handling retirement accounts. The Department of Labor will review the rule established under former President Barack Obama to determine whether it is necessary.
Trump signed the orders hours after meeting with business executives including JPMorgan Chase Chief Executive James Dimon.
Last week during the signing of a separate executive order aimed at reducing regulations, Trump said "Dodd-Frank is a disaster. We're going to be doing a big number on Dodd-Frank."