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Trump Says He's Considering Moves to Break Up Wall Street Banks

Monday - 01/05/2017 13:30
President says in interview he is weighing revival of 1933 law
Top administration officials back return of Glass-Steagall Act
President Donald Trump speaks during a Bloomberg interview in the Oval Office on May 1, 2017. Photographer: Andrew Harrer/Bloomberg
President Donald Trump speaks during a Bloomberg interview in the Oval Office on May 1, 2017. Photographer: Andrew Harrer/Bloomberg

President Donald Trump said he is actively considering breaking up giant Wall Street banks, giving a push to efforts to revive a Depression-era law separating consumer lending and investment banking.

“I’m looking at that right now,” Trump said Monday in an interview with Bloomberg News in the Oval Office. “There’s some people that want to go back to the old system, right? So we’re going to look at that.”

During the presidential campaign, Trump called for a “21st century” version of the 1933 Glass-Steagall law that required the separation of consumer lending and investment banking. The 2016 Republican party platform also backed restoring the legal barrier, which was repealed in 1999 under a financial deregulation signed by then-President Bill Clinton.

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Source: Bloomberg:

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