Bernie Sanders has said Donald Trump's move to relax banking regulations after he promised to crack down on Wall Street prove the President is “a fraud”.

The Senator was interviewed on CNN about Mr Trump’s first steps to dismantle the Dodd-Frank financial regulation, which were set-up to prevent another 2008 economic crash.

“I have so many people, friends of mine, that have nice businesses – they can’t borrow money. They just can’t get any money, because the banks just won’t let them borrow because of the rules and regulations,” Mr Trump told reporters upon signing an executive order.

When asked whether he saw any upsides about the deregulation to the banking system, Mr Sanders said:

“You know it is hard not to laugh to see President Trump along these Wall Street guys," he said.

“I don’t mean to be disrespectful. This guy is a fraud.

“This guy ran for president of the United States saying, ‘I, Donald Trump, I’m going to take on Wall Street. These guys are getting away with murder and then suddenly, he appoints all these billionaires. His major financial adviser comes from Goldman Sachs. And now he is going to dismantle legislation that protects consumers."

During his campaign, Mr Trump repeatedly adopted an anti-establishment and anti-Wall Street position.

“I know the guys at Goldman Sachs. They have total, total control over [Ted Cruz]. Just like they have total control over Hillary Clinton,” he said, adding Wall Street banks “owned” Hillary Clinton.

But among some of President Trump’s closest team are a number of key Wall Street figures.

His chief White House strategist, Steve Bannon, who has a seat on the National Security Council, is a veteran banker from Goldman Sachs,

Steve Mnuchin, the Treasury secretary nominee, is a former Goldman Sachs partner and Wall Street billionaire Wilbur Ross is in line for commerce secretary.

Mr Sanders conceded the US President was “a good showman” but questioned the credibility of his claims to stand up for the working class.

In his inauguration speech, Mr Trump said: “The establishment protected itself, but not the citizens of our country. Their victories have not been your victories. Their triumphs have not been your triumphs. And while they celebrated in our nation's capital, there was little to celebrate for struggling families all across our land.”

But Mr Sanders said: “I hope that all of those folks who voted for Mr. Trump because he — thought that he would stand up for working people, man, this guy is — you know, he’s a good showman. I will give you that. He’s a good TV guy.

“A president that in a totally fraudulent campaign said I’m going to stand up for the working people — look at his cabinet we never had more billionaires in a cabinet in the history of this country. Look at his appointees, these are people who are going after the needs of working families, the elderly, children, the sick and the poor that is called hypocrisy.”

New York City bodegas strike to protest Trump's travel ban Show all 27 1 /27 New York City bodegas strike to protest Trump's travel ban New York City bodegas strike to protest Trump's travel ban Ethnic Yemenis and supporters protest against President Donald Trump's executive order temporarily banning immigrants and refugees from seven Muslim-majority countries, including Yemen on February 2, 2017 in the Brooklyn borough of New York City. At least 1,000 Yemeni-owned bodegas and grocery-stores across the city shut down from noon to 8 p.m. today to protest the order. Spencer Platt/Getty New York City bodegas strike to protest Trump's travel ban People rally at Brooklyn Borough Hall as Yemeni bodega and grocery-stores shut down to protest US President Donald Trump's Executive Order banning immigrants and refugees from seven Muslim-majority countries, including Yemen, on February 2, 2017 in New York. Bryan R. Smith/AFP/Getty New York City bodegas strike to protest Trump's travel ban Men pray during a protest by ethnic Yemenis and supporters over President Donald Trump's executive order temporarily banning immigrants and refugees from seven Muslim-majority countries, including Yemen on February 2, 2017 in the Brooklyn borough of New York City. At least 1,000 Yemeni-owned bodegas and grocery-stores across the city shut down from noon to 8 p.m. today to protest the order. Spencer Platt/Getty New York City bodegas strike to protest Trump's travel ban Ethnic Yemenis and supporters protest against President Donald Trump's executive order temporarily banning immigrants and refugees from seven Muslim-majority countries, including Yemen on February 2, 2017 in the Brooklyn borough of New York City. At least 1,000 Yemeni-owned bodegas and grocery-stores across the city shut down from noon to 8 p.m. today to protest the order. Spencer Platt/Getty New York City bodegas strike to protest Trump's travel ban Men pray during a protest by ethnic Yemenis and supporters over President Donald Trump's executive order temporarily banning immigrants and refugees from seven Muslim-majority countries, including Yemen on February 2, 2017 in the Brooklyn borough of New York City. At least 1,000 Yemeni-owned bodegas and grocery-stores across the city shut down from noon to 8 p.m. today to protest the order. Spencer Platt/Getty New York City bodegas strike to protest Trump's travel ban People rally at Brooklyn Borough Hall as Yemeni bodega and grocery-stores shut down to protest US President Donald Trump's Executive Order banning immigrants and refugees from seven Muslim-majority countries, including Yemen, on February 2, 2017 in New York. Spencer Platt/Getty New York City bodegas strike to protest Trump's travel ban People rally at Brooklyn Borough Hall as Yemeni bodega and grocery-stores shut down to protest US President Donald Trump's Executive Order banning immigrants and refugees from seven Muslim-majority countries, including Yemen, on February 2, 2017 in New York. Bryan R. Smith/AFP/Getty New York City bodegas strike to protest Trump's travel ban People rally at Brooklyn Borough Hall as Yemeni bodega and grocery-stores shut down to protest US President Donald Trump's Executive Order banning immigrants and refugees from seven Muslim-majority countries, including Yemen, on February 2, 2017 in New York. Spencer Platt/Getty New York City bodegas strike to protest Trump's travel ban People rally at Brooklyn Borough Hall as Yemeni bodega and grocery-stores shut down to protest US President Donald Trump's Executive Order banning immigrants and refugees from seven Muslim-majority countries, including Yemen, on February 2, 2017 in New York. Spencer Platt/Getty New York City bodegas strike to protest Trump's travel ban People gather for evening prayer at a rally at Brooklyn Borough Hall as Yemeni bodega and grocery-stores shut down to protest US President Donald Trump's Executive Order banning immigrants and refugees from seven Muslim-majority countries, including Yemen, on February 2, 2017 in New York. Bryan R. Smith/AFP/Getty New York City bodegas strike to protest Trump's travel ban People rally at Brooklyn Borough Hall as Yemeni bodega and grocery-stores shut down to protest US President Donald Trump's Executive Order banning immigrants and refugees from seven Muslim-majority countries, including Yemen, on February 2, 2017 in New York. Bryan R. Smith/AFP/Getty New York City bodegas strike to protest Trump's travel ban People rally with flags at Brooklyn Borough Hall as Yemeni bodega and grocery-stores shut down to protest US President Donald Trump's Executive Order banning immigrants and refugees from seven Muslim-majority countries, including Yemen, on February 2, 2017 in New York. Bryan R. Smith/AFP/Getty New York City bodegas strike to protest Trump's travel ban People rally at Brooklyn Borough Hall as Yemeni bodega and grocery-stores shut down to protest US President Donald Trump's Executive Order banning immigrants and refugees from seven Muslim-majority countries, including Yemen, on February 2, 2017 in New York. Spencer Platt/Getty New York City bodegas strike to protest Trump's travel ban People rally at Brooklyn Borough Hall as Yemeni bodega and grocery-stores shut down to protest US President Donald Trump's Executive Order banning immigrants and refugees from seven Muslim-majority countries, including Yemen, on February 2, 2017 in New York. Spencer Platt/Getty New York City bodegas strike to protest Trump's travel ban People rally at Brooklyn Borough Hall as Yemeni bodega and grocery-stores shut down to protest US President Donald Trump's Executive Order banning immigrants and refugees from seven Muslim-majority countries, including Yemen, on February 2, 2017 in New York. Spencer Platt/Getty New York City bodegas strike to protest Trump's travel ban People rally at Brooklyn Borough Hall as Yemeni bodega and grocery-stores shut down to protest US President Donald Trump's Executive Order banning immigrants and refugees from seven Muslim-majority countries, including Yemen, on February 2, 2017 in New York. Spencer Platt/Getty New York City bodegas strike to protest Trump's travel ban People rally at Brooklyn Borough Hall as Yemeni bodega and grocery-stores shut down to protest US President Donald Trump's Executive Order banning immigrants and refugees from seven Muslim-majority countries, including Yemen, on February 2, 2017 in New York. Spencer Platt/Getty New York City bodegas strike to protest Trump's travel ban People rally with flags at Brooklyn Borough Hall as Yemeni bodega and grocery-stores shut down to protest US President Donald Trump's Executive Order banning immigrants and refugees from seven Muslim-majority countries, including Yemen, on February 2, 2017 in New York. Bryan R. Smith/AFP/Getty New York City bodegas strike to protest Trump's travel ban People rally with flags at Brooklyn Borough Hall as Yemeni bodega and grocery-stores shut down to protest US President Donald Trump's Executive Order banning immigrants and refugees from seven Muslim-majority countries, including Yemen, on February 2, 2017 in New York. Bryan R. Smith/AFP/Getty New York City bodegas strike to protest Trump's travel ban People rally with flags at Brooklyn Borough Hall as Yemeni bodega and grocery-stores shut down to protest US President Donald Trump's Executive Order banning immigrants and refugees from seven Muslim-majority countries, including Yemen, on February 2, 2017 in New York. Bryan R. Smith/AFP/Getty New York City bodegas strike to protest Trump's travel ban People rally at Brooklyn Borough Hall as Yemeni bodega and grocery-stores shut down to protest US President Donald Trump's Executive Order banning immigrants and refugees from seven Muslim-majority countries, including Yemen, on February 2, 2017 in New York. Bryan R. Smith/AFP/Getty New York City bodegas strike to protest Trump's travel ban People rally with flags at Brooklyn Borough Hall as Yemeni bodega and grocery-stores shut down to protest US President Donald Trump's Executive Order banning immigrants and refugees from seven Muslim-majority countries, including Yemen, on February 2, 2017 in New York. Bryan R. Smith/AFP/Getty New York City bodegas strike to protest Trump's travel ban People rally at Brooklyn Borough Hall as Yemeni bodega and grocery-stores shut down to protest President Donald Trump's Executive Order banning immigrants and refugees from seven Muslim-majority countries, including Yemen, on February 2, 2017 in New York. Bryan R. Smith/AFP/Getty New York City bodegas strike to protest Trump's travel ban A Yemeni business owner places a sign on the gate of his store February 2, 2017 in the Brooklyn borough of New York City. Across the city, Yemeni owned bodega and grocery-stores will shut down from noon to 8 p.m. to protest President Donald Trump's Executive Order banning immigrants and refugees from seven Muslim-majority countries, including Yemen. It is expected that over 1000 stores will be closed in protest with workers and owners participating in an afternoon rally in Brooklyn. Spencer Platt/Getty New York City bodegas strike to protest Trump's travel ban A Yemeni business owner places a sign on the gate of his store February 2, 2017 in the Brooklyn borough of New York City. Across the city, Yemeni owned bodega and grocery-stores will shut down from noon to 8 p.m. to protest President Donald Trump's Executive Order banning immigrants and refugees from seven Muslim-majority countries, including Yemen. It is expected that over 1000 stores will be closed in protest with workers and owners participating in an afternoon rally in Brooklyn. Spencer Platt/Getty New York City bodegas strike to protest Trump's travel ban NEW YORK, NY - FEBRUARY 02: Yemeni business owner Musa closes the gate to his store February 2, 2017 in the Brooklyn borough of New York City. Across the city, Yemeni owned bodega and grocery-stores will shut down from noon to 8 p.m. to protest President Donald Trump's Executive Order banning immigrants and refugees from seven Muslim-majority countries, including Yemen. It is expected that over 1000 stores will be closed in protest with workers and owners participating in an afternoon rally in Brooklyn. Spencer Platt/Getty New York City bodegas strike to protest Trump's travel ban A Yemeni business owner closes the gate to his store February 2, 2017 in the Brooklyn borough of New York City. Across the city, Yemeni owned bodega and grocery-stores will shut down from noon to 8 p.m. to protest President Donald Trump's Executive Order banning immigrants and refugees from seven Muslim-majority countries, including Yemen. It is expected that over 1000 stores will be closed in protest with workers and owners participating in an afternoon rally in Brooklyn. Spencer Platt/Getty

Mr Sanders, who contested Hillary Clinton to be the Democrat's presidential candidate, also attacked Mr Trump for appointing to his cabinet Republicans, "who will dismantle Social Security, Medicare and Medicaid", despite the US President’s pledge on the campaign trail that he would “leave Social Security the way it is”.

“This is a guy who ran for president saying, ‘I’m going — I’m the only Republican, I’m not going to cut Social Security, Medicare, and Medicaid. And then he appoints all of these guys who are precisely going to cut Social Security, Medicare, and Medicaid,” Mr Sanders said.

The Senatoal also called on “mainstream conservative politicians”, including Senate Republican Leader Mitch McConnell, to stand up to the Mr Trump’s “movement towards authoritarianism”.

“We’re a democracy, not a one-man show. We are not another Trump enterprise. It’s called the United States of America. We’re not a business run by Mr Trump.