In an ongoing push to cut federal regulation, President Donald Trump signed an executive order Monday morning limiting the number of new regulations that can be established this fiscal year.

The executive order states that for every new regulation created, two old ones must be destroyed. White House officials said the order will help churn economic growth by making regulations simpler, with Trump aiming to cut 75% of existing regulations, the Wall Street Journal reports.

While addressing a group of small-business owners Monday, Trump specifically mentioned Dodd-Frank, calling the law a "disaster" and promising his administration will do a "big number" on it. The banking overhaul law has faced much criticism since it was established in 2010, with many critics claiming its regulations are overreaching and weigh heavily on smaller institutions. The president hopes to spur more lending by overhauling the legislation and unburdening banks. [WSJ]