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By Gemma Acton, CNBC

President Donald Trump will sign on Friday an executive order to water down the 2010 Dodd-Frank financial regulatory framework put into effect in response to the financial crisis, according to a senior White House official.

"Americans are going to have better choices and Americans are going to have better products because we're not going to burden the banks with literally hundreds of billions of dollars of regulatory costs every year," White House National Economic Council Director and former Goldman Sachs Chief Operating Officer, Gary Cohn, told the Wall Street Journal.

The Trump administration told NBC News, "This is not an attempt to undo Dodd-Frank," but rather a plan to generate "fairly immediate and dramatic impact."

Related: On Campaign Trail, Trump Trashed Dodd-Frank