President Donald Trump has vowed to interrupt up the massive Wall Street banks, in an enormous shakeup designed to undo the mess left by former President Bill Clinton.
Trump says he desires to separate client lending and funding banking, going again to the great outdated days earlier than Clinton put customers’ cash in danger.
“I’m taking a look at that proper now,” Trump mentioned. “There’s some folks that need to return to the outdated system, proper? So we’re going to have a look at that.”
Breitbart.com stories: The inventory markets dipped briefly in response to Trump’s remark however returned to regular ranges.
Trump made his remarks in an interview with Bloomberg News reporters within the Oval Office on Monday. He was requested about his marketing campaign suggestion that he would implement a model of the Glass-Steagall regulation that was handed in 1933. The regulation required client lending and investments to be separate, but it surely was repealed in 1999 below former president Bill Clinton.
The concept was included within the Republican occasion platform and endorsed by then-campaign supervisor Paul Manafort in July 2016.
“We believe the Obama-Clinton years have passed legislation that has been favorable to the big banks, which is why you see all the Wall Street money going to her,” he mentioned. “We are supporting the small banks and Main Street.”
Earlier as we speak, Vice President Mike Pence and Donald Trump met with a gaggle of group bankers on the White House. Trump vowed to do away with onerous rules like Dodd-Frank that harm small banks.
“You might be small and community banks but you have a big, big impact on a growing American economy,” Pence mentioned, including that President Trump knew “when community banks are strong, America is strong.”