Trump’s GOP wants to break up big banks
At Trump’s urging, the GOP formally endorsed breaking up America’s big banks Monday. It’s almost like the Republicans were taking a page from liberal senators Bernie Sanders and Elizabeth Warren who have advocated for exactly that to ensure no bank is “too big too fail.”
The official Republican platform for 2016 calls for bringing back the Glass-Steagall Act, a law put in place during the Great Depression to restrict banks from serving both Wall Street and Main Street. President Bill Clinton repealed the law in 1999.
“I think the chances of this happening are pretty slim. I can’t see it getting through the senate,” says Greg Valliere, chief strategist at Horizon Investments.