The president visited the Treasury Department to sign the actions, saying the administration wants to "help struggling Americans achieve their financial dreams, earn a great paycheck, have a job that they love going to every single day and have real confidence in the future."
He also teased that there will be a "big announcement" on tax reform next Wednesday.
Trump called the "simplification" of the tax code "such a big thing" during remarks prior to the order's signing, claiming that "people can't do their returns. They have no idea what they are doing. They are too complicated."
Asked at an off-camera briefing earlier in the day whether it’s problematic that this review will be underway as the president and Congress look to roll out a tax overhaul package, Treasury Secretary Steve Mnuchin said it shouldn’t have a significant effect.
The president said that further steps in tax reform would come in the form of reducing rates on individuals, particularly those in the middle class, and lowering taxes on businesses. As he signed the actions, Trump alluded to next week's tax reform announcement but did not offer additional information.
The memorandum orders a report to be compiled within 180 days.
"These regulations enshrine 'too big to fail' and encourage risky behavior," said Trump. "We're taking steps to make our economy more fair and prosperous for all."
Republicans have said the designation is not fairly applied in some cases. Asked whether this was the administration’s attempt to get rid of “too big to fail,” Mnuchin said, “President Trump is absolutely committed to make sure that taxpayers are not at risk for government bailouts of entities that are too big to fail.”