Trump: Dodd-Frank is a disaster. We're going to be doing a big number on Dodd-Frank - Reuters

President Donald Trump was on the wires, via Reuters, as he signed an order on Monday that will seek to dramatically pare back federal regulations by requiring agencies to cut two existing regulations for every new rule introduced.

Key Highlights:

 •Consumer groups and environmentalists slammed the push to peel back regulations, arguing that it would block important protections for the public.

 •Harvard Law School Professor Jody Freeman said the new order was "entirely unnecessary," given similar cost-benefit regulatory directives made by past presidents and existing agency processes for reviewing older rules to make sure they are still needed.

 •Major regulations are typically reviewed by the White House's Office of Management and Budget (OMB) before they are issued. That review will continue under this new measure, but agencies will also have to identify what two regulations will be repealed to offset the costs of any new rule.

 •Certain categories of regulations will be exempt from this new policy, including those dealing with the military and national security. The OMB director will also have the ability to waive this policy in certain instances.