Trump Takes Aim At Undoing Financial Reform, Tax Code

President Trump is directing his Treasury secretary to review the Dodd-Frank reform law that was enacted in the wake of the 2008 financial crisis. Trump will sign two memos on Friday in an appearance at the Treasury Department, the White House said.

The two documents will order Treasury Secretary Steve Mnuchin to review how the law allows regulators to designate large financial firms as "systemically important financial institutions," also known as "too big too fail."

Dismantling Dodd-Frank was a frequent promise of candidate Trump on the campaign trail last year.

The president will also direct Mnuchin to review changes made to the tax code since the start of last year with an eye toward determining if they "exceed statutory authority" and "impose an undue financial burden" on taxpayers.

In a briefing for reporters, Mnuchin said that they will be taking a "broad" look at the tax code, which is "way too complicated."

One issue that will be examined is a provision passed by the Obama administration last year allowing the Treasury Department to crack down on companies shifting their headquarters overseas in an effort to reduce their tax obligation.

This story will be updated

Pool photo via Getty Images News/Getty Images