President Donald Trump was blunt Friday morning when he told a roundtable of business leaders why his administration was committed to hollowing out some financial regulations in Dodd-Frank: His friends can’t get loans.

“We have some of the bankers here. There’s nobody better to tell me about Dodd-Frank than Jamie, so you’re going to tell me about it,” Trump said, referring to Jamie Dimon, the JPMorgan Chase CEO and leader of Trump’s business roundtable.

“We expect to be cutting a lot out of Dodd-Frank, because frankly I have so many people, friends of mine, that have nice businesses and they can’t borrow money,” he continued. “They just can’t get any money because the banks just won’t let them borrow because of the rules and regulations in Dodd-Frank. So we’ll be talking about that in terms of the banking industry.”

Trump also promised the business leaders in the room that he would “get taxes even lower than we’re going to be cutting them,” and that he would seek their input in doing so.

Watch below via CNN:

