President Donald Trump signed three executive actions Friday that order the Treasury Department to overview tax rules and financial regulations.
The first executive order Trump signed enables Treasury Secretary Steven Mnuchin to begin the process of "tax simplification".
"People can't do their return. They have no idea what they are doing. They are too complicated," the President said, during signing ceremony in the Treasury Department.
He said reducing tax regulations is the first step towards a tax reform, which proposes lowering tax rates for the American middle-class and businesses.
The second executive order instructs Mnuchin to review "the damaging Dodd-Frank regulations" that hold back Wall Street firms, Trump said.
"These regulations enshrine 'too big to fail' and encourage risky behavior. We're taking steps to make our economy more fair and prosperous for all," he said.
The President said that he will also open up lending to small businesses.
Trump's third executive order will "identify and reduce tax regulatory burdens", and it is about "financial stability", Trump said.
"The Federal tax system should be simple, fair, efficient, and pro-growth ... numerous tax regulations issued over the last several years have effectively increased tax burdens, impeded economic growth, and saddled American businesses with onerous fines, complicated forms, and frustration," a White House statement said about the executive order.
While Trump's executive orders come a week before his 100-day mark as president, Mnuchin has 150 days to recommend actions to the White House.