The financial-overhaul law was put in place in the wake of the financial crisis.

President Donald Trump rewrote the script on Washington’s relationship with Wall Street Friday, signing directives designed to spur a broad rollback of financial regulations shortly after praising the chiefs of large financial firms in a White House meeting. Mr. Trump’s signing of two executive actions sets in motion an administration game plan for scaling back the 2010 Dodd-Frank financial-overhaul law, put in place in the wake of the financial crisis, and a directive aimed at rolling back an Obama-era retirement-savings rule that was on track to take effect in April. “Today we are signing core principles for regulating the United States financial system,” Mr. Trump said as he signed the actions. “We expect to be cutting a lot out of Dodd-Frank because frankly, I have so many people, friends of mine, that had nice businesses,” Mr. Trump said earlier Friday at a White House State Dining Room meeting with business leaders. “They can’t borrow money. They just can’t get any money because the banks just won’t let them borrow it because of the rules and regulations in Dodd-Frank.”

Mr. Trump’s embrace of financial-industry titans was striking for its contrast both with former President Barack Obama and the populist rhetoric of the 2016 presidential campaign made by Mr. Trump and his opponent, Democrat Hillary Clinton. Mr. Obama clashed with Wall Street CEOs he once called “fat cat bankers” and his administration engineered a massive crackdown on Wall Street risk-taking. During his campaign, Mr. Trump channeled anger against the big banks, painting Mrs. Clinton as too close to Wall Street. “Wall Street has caused tremendous problems for us,” he said in January 2016. Mr. Trump’s actions Friday could benefit Wall Street, especially investment advisers. His most immediate action was directing the Labor Department to review a recently completed rule restricting how retirement advice is provided. In response to a memo signed by Mr. Trump Friday, the department is expected to delay the so-called fiduciary rule, and possibly rewrite or retract it. The industry had unsuccessfully fought the rule during Mr. Obama’s tenure. Backers say it protects consumers, while critics say it only limits their choices.

There is no question that Obama-era financial rules have raised the cost of doing business for financial firms, causing them to pull back from offering certain loans and other products. Whether those changes were worth it in the name of financial stability is a matter of intense debate.

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