While Trump can roll back some measures through executive order, there are other provisions that will have to go through the same legislative process that created the law. The president can't simply void a law he doesn't like. Bottom line: major changes to the financial industry are going to take time.
"The promises have been to simplify Dodd-Frank. It will probably be difficult to repeal it," said John Berlau, senior fellow at the Competitive Enterprise Institute, a libertarian think tank. "What has been discussed is to make the playing field a little bit more even" between large institutions and smaller ones.
Trump's order Friday begins what will be a lengthy process toward changing a law he vilified on the campaign trail.
Compliance costs for banks have doubled since Dodd-Frank came into being, with the most recent figure put at $70 billion, or 23 percent of total expenses, according to Federal Financial Analytics.
What Trump cares about most, though, is getting banks to lend money more aggressively.
"We expect to be cutting a lot out of Dodd-Frank," the president said Friday while meeting with his business advisory council. "Frankly, I have so many people, friends of mine, that have nice businesses that can't borrow money. They just can't get any money because the banks won't let them borrow because of rules and regulations in Dodd-Frank."
Put broadly, Dodd-Frank mandated higher capital levels for banks, created the Consumer Financial Protection Bureau to stop loan abuses that proliferated in the years leading up to the crisis, and stopped banks from engaging in risky trading practices for their own benefit. The CFPB is expected to undergo significant changes and its leader may be replaced.
It also established what's known as the "fiduciary rule," which requires investment advisors to act primarily in their clients' interest. The measure will be one of the White House's main targets, but also could be one of the most cumbersome to roll back. The administration likely will ask the Labor Department to delay the April 10 implementation.
"We expect much of the focus of the action to be on opening access to credit, promoting economic growth, and removing burdensome regulations," analysts at investment bank FBR said in a note to clients. "Many of the regulations created by Dodd-Frank would be difficult to eliminate without action from Congress, but there are a number of changes that regulators can make (especially on the enforcement of these rules) which could have a significant impact on the business models of banks and other financial services firms."