Mnuchin tempered those comments on Thursday when he said a tax plan would come "very soon". One of the memos orders a review of the law's Orderly Liquidation Authority, a tool for unwinding companies on the verge of collapse.

The executive order directs Treasury Secretary Steven Mnuchin to review regulations added to the tax code since the beginning of previous year. As he signed the actions, Trump alluded to next week's tax reform announcement but did not offer additional information.

"Trump Vows to Unveil Tax-Cut Plan Next Week, Surprising Staff", was the headline in the New York Times.

Despite Mr Trump's enthusiasm, the directives he signed at the Treasury Department on Friday were largely preliminary.

Key among them was a six-month review of core parts of the Dodd-Frank law, a measure passed by predecessor Barack Obama in the wake of the 2008 global financial crisis that put "too big to fail" United States financial groups under additional regulator scrutiny. "We want to create a system where the average American can file a tax code on a big postcard", Mnuchin said.

Treasury is also reviewing the Financial Stability Oversight Council, which designates financial institutions as "systemically important", better known as "too big to fail".

Trump urged his top economic advisers, including Mnuchin, to ready a rollout for this week and to keep the details of the plan controlled as much as possible by Trump advisers and Cabinet members rather than by GOP lawmakers, the officials said.

Trump is also signed an executive order directing the treasury secretary to review significant tax regulations issued in 2016 to determine if any impose an undue burden on taxpayers. A number of conservative budget experts - including key congressional aides who write tax law - have said the White House has an overly rosy view on what the economic impact of their tax cuts would be.

The president likely won't include a controversial border-adjusted tax that Ryan has backed, a senior administration official said last week.

"We'll be having a big announcement on Wednesday having to do with tax reform". In the chaotic Trump administration, staffers are "blindsided" by executive orders, officials regularly release contradictory statements and the president himself is reportedly not always fully aware of major personnel shifts.

The Trump administration hopes to push comprehensive tax reform through Congress.

Trump has vowed to dismantle Dodd-Frank, calling it a "disaster".

Sen. Sherrod Brown, D-Ohio, assailed Trump for trying to undermine rules that were put in place to protect the economy: "Any actions to undermine these protections encourage Wall Street's risky behavior and leave taxpayers and our economy exposed to another catastrophe".

"Our goal is to make this a smarter, more effective process that reduces the kind of systemic risks that harmed so many Americans during the financial crisis of 2008", Mnuchin said.