The Globe and Mail reports in its Tuesday edition that U.S. President Donald Trump signed an order on Monday that will seek to dramatically reduce federal regulations, but the policy will not apply to most of the financial-reform rules introduced by the Obama administration. A Reuters dispatch to The Globe says that Mr. Trump's latest executive action will require that agencies cut two existing regulations for every new rule introduced and it will set an annual cap on the cost of new regulations. For the rest of fiscal 2017, the cap will require that the cost of any additional regulations be completely offset by undoing existing rules. The move does not cover independent agencies that crafted many of the rules required by the 2010 Dodd-Frank reform law, including the Securities and Exchange Commission and the Commodity Futures Trading Commission, the White House said. It also would not apply to rules mandated by statutes. During a meeting with the business owners earlier on Monday, Mr. Trump described the Dodd-Frank law as "a disaster." Consumer groups and environmentalists criticized the push to peel back regulations, arguing that it would remove important protections for the public.