WASHINGTON (CBSNewYork/AP)President Donald Trump signed an executive order Friday that will direct the Treasury secretary to review the 2010 Dodd-Frank financial overhaul.

It’s Trump’s first step at scaling back regulations on financial services.

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The law resulted from the 2008 financial crisis, enacted to prevent another meltdown. It forced banks to cut their debt and increased oversight on consumer financial products, such as mortgages. But critics say it’s too much of a burden for banks to comply and rolling it back will enable them to lend more money to companies.

Trump has called the law a “disaster” and said it failed to address some of the causes of the financial crisis.

“We are signing an executive order on the regulation of the financial system,” Trump said. “It doesn’t get much bigger than that.”

The executive order scales back regulations on Wall Street. Trump told top CEOs and banking executives at the White House why he feels the changes are necessary.

“I have so many people, friends of mine, that say they just can’t get any money because of the rules and regulations,” the president said.

Wall Street likes the idea — the Dow Jones Industrial Average jumped back above 20,000 Friday. But on Capitol Hill, the reaction was more mixed. Democrats say the law is needed to protect consumers; Republicans say it doesn’t work.

“They said it would lead to a more stable economy, yet the big banks are bigger and the small banks are fewer,” said Rep. Jeb Hensarling, R-Texas.

Trump also applauded the January jobs report, saying it shows there’s a “great spirit in the country right now.”

The president has also signed a presidential memorandum related to retirement planning. The administration’s move will delay implementing an Obama-era rule that requires financial professionals who charge commissions to put their clients’ best interests first when giving advice on retirement investments.

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Trump addressed last month’s job report, which showed the U.S. economy adding 227,000 jobs, the most since September and higher than last year’s average monthly gain of 187,000.

 

The unemployment rate ticked up to a low 4.8 percent last month from 4.7 percent in December. Yet the rate rose for a mostly good reason: More Americans started looking for work , although not all of them found jobs immediately. The percentage of adults working or looking for jobs increased to its highest level since September.

The jobs report showed some of the economy’s weak spots remain: Average hourly wages barely increased last month, and the number of people working part-time but who would prefer full-time work rose.

Trump joined business leaders and CEOs in the White House Friday to preview some of his economic priorities. The president said the goal of the meeting was to bring back jobs, lower taxes and reduce regulations.

The meeting came at a time of heightened tensions with some business leaders, increasingly split over how to respond to the president’s policies.

Thursday, Uber chief Travis Kalancik quit the Trump advisory panel amid pressure from employees who oppose Trump’s immigration policies.

A new CBS News poll reveals a divided nation’s on the president’s temporary travel ban for seven Muslim-majority countries. It found 45 percent of Americans approve while 51 percent disapprove of the president’s first sweeping action to keep America safe.

Trump’s overall job approval numbers show 40 percent of Americans approve of the job he is doing, that’s the lowest compared to other presidents during their first month in office, according to CBS News.

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