Donald Trump has rolled-back Wall Street reforms because his “friends” are not able to borrow money.

The President has removed Dodd-Frank, the regulatory framework introduced by Barack Obama in 2010 to avoid another financial crisis.

Dodd-Frank requires banks to comply with rules that protect investors and consumers from excessive risk and abusive practices.

“I have so many people, friends of mine, that have nice businesses, they can’t borrow money,” Mr Trump said.

“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.”

Mr Trump has also scrapped the fiduciary rule , which protects retirees by forcing advisers and brokers to “work in the best interests of their clients”.

“We think it is a bad rule. It is a bad rule for consumers. This is like putting only healthy food on the menu, because unhealthy food tastes good but you still shouldn’t eat it because you might die younger,” Gary Cohn, the White House National Economic Council Director said about the fiduciary rule, Vanity Fair reported.

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

Before taking his role at the White House, Mr Cohn was the president and chief operating officer at Goldman Sachs.