President Donald Trump said Monday that he is open to breaking up big banks, in a move that would usher in a Great Depression-era law that aimed to extricate investment banking from consumer lending practices.
In October 2016, Trump promised to consider bringing a “21st century” version of the 1933 Glass-Steagal Act which ordered that commercial and investment banking be completely separate entities.
The president doubled-down on his promise in an interview Monday with Bloomberg, saying that he is reviewing the option of bringing back the Depression-era law.
“I’m looking at that right now,” Trump said. “There’s some people that want to go back to the old system, right? So we’re going to look at that.”
Former President Bill Clinton is responsible for repealing Glass-Steagal in 1999. Some experts blame the repeal for causing the housing crisis of 2007.
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