Story highlights Trump will issue a broad directive meant to garner input from the heads of federal regulatory agencies on areas for reform

A second action will direct the Department of Labor to cease implementation of an Obama administration rule on retirement investment advisers

Washington (CNN) President Donald Trump will begin work Friday dismantling the financial regulations enacted after the 2008 economic crisis, hours after the first major economic report of his administration is released.

Trump's executive moves won't have an immediate effect on Wall Street oversight. But they're likely to draw sharp criticism from Democrats and reform proponents who say the regulations that the President is looking to scrap could prevent another meltdown.

In two executive actions, Trump plans to direct his administration to evaluate regulatory action taken by his predecessor, Barack Obama, with an eye toward eliminating what his advisers say are burdensome rules on financial services firms and consumers.

He'll also force the delay of an Obama-era rule that required retirement advisers to act in their clients' best interests.

The midday moves will come after the Labor Department releases jobs figures from January. Hiring rebounded sharply under Obama following the financial crisis, but Trump has previously questioned the accuracy of the monthly reports from the Bureau of Labor Statistics.

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