President Trump on Monday reiterated his intention to roll back Dodd-Frank financial regulations enacted to prevent another financial crisis, telling reporters that he soon planned to “do a big number” on the 2010 law.

During the 2016 campaign, Mr. Trump had pledged to “dismantle” Dodd-Frank, passed when Democrats controlled the White House and Congress, without specifying the actions he planned to take. He has not announced his timetable for carrying through on that pledge.

“Dodd-Frank is a disaster,” the president said during a 10-minute session with reporters as he signed an executive order slashing government regulations.

 

“We’re going to be doing a big number on Dodd-Frank.”  “The American dream is back.”

Perhaps the most important section of Dodd-Frank is the requirement that banks undergo periodic stress tests to monitor liquidity and their ability to withstand a financial shock akin to the collapse of the housing market in 2008. In response to the law, banks have curbed parts of their businesses, including prop trading, and focused more on raising revenue through consumer services.

The executive order that Mr. Trump signed on Monday requires federal agencies to identify two regulations they plan to cut whenever requesting a new one - a requirement that opponents have called arbitrary, but one that fulfills an early campaign pledge.