Trump says business friends 'can't get loans' because of Dodd-Frank

President Trump on Friday said sweeping changes are needed to the Dodd-Frank financial reform law because his friends in business are struggling to get loans from banks. 

“We expect to be cutting a lot out of Dodd-Frank because, frankly, I have so many people, friends of mine, who have nice businesses who 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 in Dodd-Frank,” Trump said at a Friday morning meeting with CEOs from a number of companies.

CEOs attending the meeting included Jamie Dimon of JPMorgan Chase and Stephen Schwarzman of the Blackstone Group.

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Trump has made cutting regulations a major focus of the early days of his administration. Republicans on Capitol Hill also have put a target on the financial law, which President Obama signed in 2010 after the housing crisis that led to a deep recession in 2008. 

“We're going to discuss all of the things that you think we can do to bring back our jobs, to get taxes even lower than we’re going to be cutting them,” Trump told the CEOs.  

“We have a great plan, but I want to have your input on the plan in particular, and to do what we have to do in terms of regulation, we have some of the bankers here. There’s nobody better to tell me about Dodd-Frank than Jamie.”