Monday, May 1, 2017

Trump Says Considering Breaking Up Wall Street Banks

Sputnik | May 1, 2017

US President Donald Trump is considering breaking up big Wall Street banks in the revival of the 1933 Glass-Steagall law. 

WASHINGTON (Sputnik) — US President Donald Trump said on Monday he is considering breaking up big Wall Street banks in the revival of the 1933 Glass-Steagall law that separates investment banking and consumer lending.

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

In October, Trump said that the Dodd-Frank Democratic financial reform of 2009 has had disastrous effects and the Glass-Steagall Act must be revived to separate regular banking form investment banking to boost African-American job growth.

The Dodd-Frank Wall Street Reform and Consumer Protection Act was passed in 2010 by former US President Barack Obama in response to the financial crisis of 2007-2008.

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