» President targets Obama-era financial rules,

Order, memos seek to undo Obama policies, Dodd-Frank oversight.

Hoping to spur economic growth, President Donald Trump embarked Friday on new steps to dismantle some of the tax and financial regulations established by former President Barack Obama.

Trump signed an executive order to review any major tax regulations set last year by his predecessor, as well as two memos to potentially revamp or eliminate fundamental elements of the 2010 Dodd-Frank financial reforms passed in the wake of the recession.

“This is really the beginning of a whole new way of life that this country hasn’t seen in really many, many years,” the president said before signing the measures during his first visit to the Department of the Treasury.

The review of tax regulations could give greater leeway to companies looking to shelter income overseas, or simply seeking to reduce the time and money spent on completing personal and business tax filings.

“People can’t do their returns,” Trump said. “They have no idea what they’re doing.”

Treasury Secretary Steven Mnuchin said a “significant” issue to be examined will be Obama’s crackdown on inversions, which are mergers that enable U.S. firms to relocate their headquarters overseas where tax rates are lower.

The review could also touch on overlapping rules designed to stop foreign-based companies from shifting their U.S. profits abroad, another Obama initiative from 2016.

The administration is also trying to pass tax reform that would reduce corporate and personal rates. Trump told The Associated Press in an interview that a plan will be released as early as Wednesday.

The two memos focus on possible adjustments to the Dodd-Frank