The US president said his latest executive order was necessary because the regulations are too onerous on business and hurting the economy.
The order directs the Treasury secretary to initiate a review and consult with regulatory agencies to identify changes to Dodd-Frank.
"There is nobody better to tell me about Dodd-Frank than Jamie", Trump said, referring to Dimon.
Trump reaffirmed his intention of reforming the law on Monday, promising to do "a big number on Dodd-Frank". "And there are a lot of Dodd-Frank rules that are subjective and so what one regulator would view as okay, another might say it's not okay". The rule would require brokers and advisers of certain retirement accounts to act in the best interest of their clients, thereby eliminating conflicts of interest that can arise out of commission-based compensation.
It is not yet clear exactly what changes could result from that order - since actually reforming the law will be a lengthy process.
There's no timetable for how long the review of Dodd-Frank provisions would last, but the halt of Obama's Fiduciary Rule would be nearly immediate.
Mr Kotowski also argued that the huge fines and legal settlements of the past six years - $140bn between the top six United States banks alone, according to CreditSights - should keep banks in a "risk-averse" frame of mind, reluctant to make loans that might go bad. Trump has spoken about scaling back Dodd-Frank- and possibly jeopardizing the stability of America's economy and our economic protection-in the interest of his friends who "have nice businesses".
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Trump's order came the same day Mexico's foreign relations and economy secretaries arrived in Washington for talks. Trump said Mexico has "out-negotiated us and beat us to a pulp through our past leaders".
Although it is unclear what Trump will say at the time, his arguments are likely to be consistent with what he said on Monday, when he proclaimed that "regulation has actually been awful for big business, but it's been worse for small business".
Within the next 18 months the heads of the other Washington bodies including the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency are also likely to move on.
"The banks are going to be able to price product more efficiently and more effectively to consumers", he said. Cohn told The Wall Street Journal new orders could be coming t hat would alter the FSOC, which was created by Dodd-Frank as a way to monitor risks in the system, safely dismantle collapsing firms and supervise large nonbanks known as systemically important financial institutions.
Trump signed an executive order setting down core principles for regulating the U.S. financial systems.
Market analyst Jasper Lawler at the London Capital Group believes that "unwinding some of Dodd-Frank is a good thing because it will enable smaller community banks to compete, offering competition to consumers".
Conservatives also argue that Dodd-Frank stifles economic growth which could in turn be the catalyst for another economic crisis. Lisa Donner, executive director of lobby group Americans for Financial Reform, said: "What they are trying to do is make it easier for big banks to steal from people".
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