Trump says planning 'haircut' for Dodd-Frank banking regulations

U.S. President Donald Trump said on Tuesday that his administration is working on changes to Dodd-Frank banking regulations that will make it easier for banks to loan money.

"We're going to be coming out with some very strong - far beyond recommendations - we're going to be doing things that are going to be very good for the banking industry so that the banks can loan money to people who need it," Trump told a meeting with a business leaders from the New York area at the White House.

"We're going to do a very major haircut on Dodd-Frank. We want strong restrictions, we want strong regulation. But not regulation that makes it impossible for the banks to loan to people that are going to create jobs," Trump said.

(Reporting by Roberta Rampton and Jeff Mason; Editing by Chizu Nomiyama)