President Trump said his administration will do a “major haircut” on financial regulations like Dodd-Frank so that banks will be freed up to lend money to job creators.

“We are absolutely destroying these horrible regulations that have been placed on your heads,” Trump told a gathering of CEOs at a White House town hall meeting on Tuesday. “You have regulations that are horrendous – Dodd-Frank is an example of what we’re working on and we’re working on it right now.”

“We are going to do a very major haircut on Dodd-Frank,” he said.

The Dodd-Frank Wall Street Reform Act was signed by former President Obama in 2010 and imposed tough restrictions on banks and financial firms following the financial crisis of 2008.