Donald Trump has reiterated his promise to slash key elements of US banking legislation that were introduced after the financial crisis.

Speaking on Tuesday, the American President said that his administration is working on changes to the 2010 Dodd-Frank Act that he says will make it easier for banks to loan money.

The act was introduced in response to the last financial crisis and was broadly considered the most comprehensive set of financial regulatory reform measures implemented since the Great Depression to stop financial institutions from being reckless.

“We’re going to be coming out with some very strong – far beyond recommendations – we’re going to be doing things that are going to be very good for the banking industry so that the banks can loan money to people who need it,” Mr Trump told a meeting with business leaders, according to Reuters.

“We’re going to do a very major haircut on Dodd-Frank. We want strong restrictions, we want strong regulation. But not regulation that makes it impossible for the banks to loan to people that are going to create jobs,” he added.

During his campaign, Mr Trump implied that he thinks getting rid of – or at least dramatically reforming – the Dodd-Frank Act will encourage economic growth and create jobs.

The President’s latest remarks were echoed by Jamie Dimon, the chairman and chief executive of JPMorgan Chase.

In his annual letter to shareholders, Mr Dimon this week wrote: “We believe (and many studies show) that poorly conceived and uncoordinated regulations have damaged our economy, inhibiting growth and jobs – and this has hurt the average American.

“We are not looking to throw out the entirety of Dodd-Frank or other rules (many of which were not specifically prescribed in Dodd-Frank). It is, however, appropriate to open up the rulebook in the light of day and rework the rules and regulations that don’t work well or are unnecessary.”

The controversial orders Donald Trump has already issued Show all 9 1 /9 The controversial orders Donald Trump has already issued The controversial orders Donald Trump has already issued Trump and the media White House Press Secretary Sean Spicer takes questions during the daily press briefing Getty Images The controversial orders Donald Trump has already issued Trump and the Trans-Pacific Partnership Union leaders applaud US President Donald Trump for signing an executive order withdrawing the US from the Trans-Pacific Partnership negotiations during a meeting in the Roosevelt Room of the White House in Washington DC. Mr Trump issued a presidential memorandum in January announcing that the US would withdraw from the trade deal Getty The controversial orders Donald Trump has already issued Trump and the Mexico wall A US Border Patrol vehicle sits waiting for illegal immigrants at a fence opening near the US-Mexico border near McAllen, Texas. The number of incoming immigrants has surged ahead of the upcoming Presidential inauguration of Donald Trump, who has pledged to build a wall along the US-Mexico border. A signature campaign promise, Mr Trump outlined his intention to build a border wall on the US-Mexico border days after taking office Getty Images The controversial orders Donald Trump has already issued Trump and abortion US President Donald Trump signs an executive order as Chief of Staff Reince Priebus looks on in the Oval Office of the White House. Mr Trump reinstated a ban on American financial aide being granted to non-governmental organizations that provide abortion counseling, provide abortion referrals, or advocate for abortion access outside of the United States Getty Images The controversial orders Donald Trump has already issued Trump and the Dakota Access pipeline Opponents of the Keystone XL and Dakota Access pipelines hold a rally as they protest US President Donald Trump's executive orders advancing their construction, at Columbus Circle in New York. US President Donald Trump signed executive orders reviving the construction of two controversial oil pipelines, but said the projects would be subject to renegotiation Getty Images The controversial orders Donald Trump has already issued Trump and 'Obamacare' Nancy Pelosi who is the minority leader of the House of Representatives speaks beside House Democrats at an event to protect the Affordable Care Act in Los Angeles, California. US President Donald Trump's effort to make good on his campaign promise to repeal and replace the healthcare law failed when Republicans failed to get enough votes. Mr Trump has promised to revisit the matter Getty Images The controversial orders Donald Trump has already issued Donald Trump and 'sanctuary cities' US President Donald Trump signed an executive order in January threatening to pull funding for so-called "sanctuary cities" if they do not comply with federal immigration law AP The controversial orders Donald Trump has already issued Trump and the travel ban US President Donald Trump has attempted twice to restrict travel into the United States from several predominantly Muslim countries. The first attempt, in February, was met with swift opposition from protesters who flocked to airports around the country. That travel ban was later blocked by the Ninth Circuit Court of Appeals. The second ban was blocked by a federal judge a day before it was scheduled to be implemented in mid-March SANDY HUFFAKER/AFP/Getty Images The controversial orders Donald Trump has already issued Trump and climate change US President Donald Trump sought to dismantle several of his predecessor's actions on climate change in March. His order instructed the Environmental Protection Agency to reevaluate the Clean Power Plan, which would cap power plant emissions Shannon Stapleton/Reuters

Many experts say that Dodd-Frank is inadequate and has not achieved what it was designed to. It has not successfully led to the split up of many banks that are arguably too big to fail.