LET THE BATTLES BEGIN.

President Trump will begin efforts to scale back major regulations that resulted from the financial crisis, directing a review of the Dodd-Frank Act and putting the brakes on a retirement advice rule.

His executive order will not overhaul the legislation. Rather, it will mark a 1st step toward making changes to the law, including the "Volcker rule" provision that greatly restricted how banks can make bets with their own money.

"This is not an attempt to undo Dodd-Frank," the official said.

The official said the executive order will ask the Treasury secretary to work with other regulators to determine what the administration can do to fix issues with measures issued under the Dodd-Frank Act. This could include personnel changes at regulatory agencies or additional executive orders, the official added.

Among other things, Congressional Republicans want Trump to fire Richard Cordray, director of the U.S. Consumer Financial Protection Bureau.

Exactly how much impact Friday's executive order will have on Dodd-Frank remains to be seen.

"He cannot unilaterally undo Dodd-Frank," said Edward Mills, a financial policy analyst at FBR & Co. "If he wants to undo the regulations of Dodd-Frank, that is going to take years and probably next to impossible, legislatively."

LABOR DEPARTMENT’S FIDUCIARY RULE.    The Labor Department's retirement advice rule is also under fire Issued by the Obama administration in 2016, it’s set to take effect in April. Complying could cost firms as much as $31 billion over the next decade, according to Labor Department estimates.

Trump plans on Friday to issue a memo asking the Labor Department to determine whether the rule should be revised or be scrapped altogether, the official said.

"We think that they have exceeded their authority with this rule and we think this is something that is completely overreaching," the official said.

Opponents of the rule argued it would result in high costs that will ultimately make small accounts unprofitable. They’ve also insisted the SEC has more expertise and should take the lead on writing new rules. Dodd-Frank gave the SEC the authority to craft its own fiduciary rule for brokers, but so far, the agency has not advanced such a measure.

Trump's memo on the fiduciary rule is likely to spark major pushback by Democrats, who say the rule is key to protecting consumers from conflicts of interest.