Donald Trump Wants To Break Up Big Banks! That would Grab my Vote.
The party platform approved at the Republican National Convention in Cleveland offers official support for reinstating the Glass-Steagall law, which separates riskier securities trading from traditional commercial banking. The move would require busting up the six largest banks in America. The GOP platform language is an economic policy earthquake.
Donald Trump Wants To Break Up Big Banks
WASHINGTON ― The GOP threw a grenade into Democratic Party politics on Monday, calling to break up the nation’s big banks. The party platform approved at the Republican National Convention in Cleveland offers official support for reinstating the Glass-Steagall law, which separates riskier securities trading from traditional commercial banking.
The move would require busting up the six largest banks in America.
“We support reinstating the Glass-Steagall Act of 1933 which prohibits commercial banks from engaging in high-risk investment,”
The GOP platform language is an economic policy earthquake. Republicans have long opposed financial regulation in any form. The official support for Glass-Steagall reverses decades of Republican orthodoxy, and drives a wedge between progressive Democrats and Hillary Clinton. The presumptive nominee repeatedly rejected calls to reinstate Glass-Steagall during the primary season, ridiculing her challenger, Sen. Bernie Sanders (I-Vt.), for supporting the policy.
The Clinton campaign’s Wall Street reform agenda makes more modest changes to the 2010 Dodd-Frank law, and was greeted warmly by the financial establishment.
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