Donald Trump has promised to eliminate the "horrendous Dodd-Frank regulations"

Helen Cahill
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President Donald Trump Leads A Strategic And Policy CEO Discussion
Trump does not like Dodd-Frank (Source: Getty)

US President Donald Trump has told a group of chief executives that he will be eliminating the Dodd-Frank regulations of Wall Street and replacing them with "something else".

Reuters reported that Trump met with Doug McMillon, chief executive of Walmart; Indra Nooyi, chief executive of Pepsi; Ginni Rometty, chief executive of IBM, and several others yesterday.

Speaking tonight, Trump said to executives: "We're going to reduce taxes, we're going to eliminate wasteful regulations.

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"But we're doing a major elimination of the horrendous Dodd-Frank regulations, keeping some obviously, but getting rid of many."

The Dodd-Frank rules were established after to 2008 financial crash and Trump's promises to overhaul the regulations and cut taxes have contributed to a boom in the US stock market following the presidential election.

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