Donald Trump’s choice for Treasury secretary said Wednesday that he would focus on rolling back parts of the landmark 2010 Dodd-Frank financial overhaul law enacted in the wake of the financial crisis.

"The number one problem with Dodd-Frank is that it's way too complicated and cuts back lending," hedge fund manager Steven Mnuchin told CNBC in his first public comments since being tapped by the president-elect to head his economic team.