REPORT: Trump may walk back his promise to fully repeal the Wall Street Reform Act

The Trump administration is eyeing a more limited repeal of the 2010 Dodd Frank law, despite the Republican president-elect's campaign promise for a full repeal of the financial overhaul, The Wall Street Journal said on Friday, citing unnamed sources.

The Journal said Trump's transition team was more focused on ripping up provisions such as regulators' ability to subject large nonbank financial institutions to tougher Federal Reserve regulations or take over failing companies, while embracing other aspects related to credit-rating firms and derivatives.

The Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted in 2010, was designed to improve accountability and transparency in the financial industry, end "too big to fail" banks, and protect taxpayers and consumers.

Some elements of the law have yet to be fully realized - like part of the controversial Volcker Rule that prohibits banks from engaging in proprietary trading and investing in hedge funds and private-equity firms. Other elements have already been repealed in Congress.

Democratic Senator Elizabeth Warren has been a staunch supporter of the Dodd-Frank Act, and was a founding member of the Consumer Financial Protection Bureau, established under the act.

US bank stocks surged on Wednesday and Thursday following Trump's electoral win.

Trump has said he would "dismantle" the Dodd-Frank Wall Street Reform Act, for example, and "massively" cut back on other regulation. He has also said that he disagrees with breaking up the big banks, according to Barclays' Jason Goldberg.

Bank stocks are mixed Friday following the Journal report. Bank of America, Goldman Sachs, and Morgan Stanley are all up less than 1% as of 12:55 pm ET Friday, while Citigroup, JPMorgan, and Wells Fargo are in the red.