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President Donald Trump on Monday said he plans to do a "big number" on the Dodd-Frank Act as he signed an executive order to require government agencies to cut two existing regulations for every new rule put forth.

"Reducing credit unions' overwhelming regulatory burden has been and continues to be a top priority for NAFCU," said NAFCU President and CEO Dan Berger. "While NAFCU and our members continue to believe that a big part of the solution to this critical problem is through legislative action, we also support other methods that achieve the much-needed reduction in onerous and costly regulations."

The order does not directly apply to the NCUA or CFPB since they are independent agencies, but they could opt to comply. Also, the executive order makes exceptions for emergencies and national security.

Trump was surrounded by small-business leaders during Monday's signing of the order. He noted in talks with those small business leaders the difficulties entrepreneurs face in starting and expanding their businesses and said Dodd-Frank "is a disaster," according to reports.

This latest executive action will prepare a process for the White House to set an annual cap on the cost of new regulations, which, for the rest of fiscal 2017, would be $0.

The director of the Office of Management and Budget will provide federal agencies with guidance on this order. Trump has nominated Rep. Mick Mulvaney, R-S.C., to fill that role; his nomination may be considered by the Senate Homeland Security and Governmental Affairs Committee on Wednesday.