Cohn argued that existing regulations under Dodd-Frank are so sweeping that it is too hard for banks to lend and consumers’ choice of financial products is limited.

Cohn also said that the executive order could pave the way for additional orders that would affect the postcrisis Financial Stability Oversight Council, the committee overseeing the winding down of a giant faltering financial company and the way the government supervises large financial companies that aren’t traditional banks.

“This is a table setter for a bunch of stuff that is coming,” Cohn said.

The Trump administration has been seen as friendly toward Wall Street banks, especially as President Trump fills out his administration with members of Congress and Wall Street executives, including Cohn who retired as president of Goldman Sachs Group (NYSE: GS) to join Trump’s team.

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