Referring to the Dodd-Frank Act as "A regulatory overreach that slowed the economy and stifled lending to consumers and businesses," as well as "a disaster," The Donald has begun actions to reverse the strict banking regulations imposed by this piece of legislation.

Officially known as the Dodd-Frank Wall Street Reform And Consumer Protection Act, the Dodd-Frank regulations were enacted on July 21, 2010, after the 2007-2008 Global Financial Crisis. This crisis is considered the worst financial crisis since the Great Depression.

The stated design of this Act was "To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end "too big to fail", to protect American taxpayers by ending bailouts, to protect consumers from abusive financial service practices, and for other purposes."

Dodd-Frank imposed tight curbs on American banks and the manner in which they are allowed to operate. Community Banks were especially restricted by this Act.

The Dodd-Frank Act was a response to the risk-taking recklessness of American banks that spiked the financial crisis at the time. It also inflated the housing bubble and necessitated a 700 billion dollar bailout by taxpayers.

Sean Spicer, The Donald's mouthpiece and Press Secretary, claimed, "The Dodd-Frank Act is a disastrous policy that's hindering our markets, reducing the availability of credit and crippling our economy's ability to grow and create jobs."

In the meantime, defenders of the Dodd-Frank Act adamantly stress, "It is a critically important bulwark against excessive financial risk-taking and should stay intact."

Let's take a look at what the complicated Dodd-Frank Act actually does. Among several other things, the regulation possesses one overarching intention, and that is to eliminate all perceptions that some megabanks are too large to fail.

However, should these banks fail, they would require another enormous taxpayer bailout because their failing would threaten the collapse of the entire banking system, and potentially produce another sizable financial crisis.

Additionally, the Dodd-Frank Act requires banks to hold much more money than they loan out to consumers and businesses. This stipulation resulted in the creation of the Consumer Financial Protection Bureau that attempts to protect consumers from abusive banking products.

In an attempt to keep large banks afloat in the event of a financial crisis, the Dodd-Frank Act works by requiring banks to have large balance sheets to assist them in case of setbacks. The Act also strives to produce the tightening of some risky mortgages and certain other unregulated banking practices.

Under Dodd-Frank, loans for new homes became harder to obtain. However, as time passed, and financial institutions were able to accumulate more money, banks provided more forms of loans.

INSIDE THE NUMBERS (according to the Federal Reserve):

-Americans currently maintain an average of 992 billion dollars in credit card balances

-There is a record amount in outstanding auto loans, presently about 1.10 trillion dollars

-With the exception of home equity loans, mortgage loans stand at approximately 14.2 trillion dollars