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Glass-Steagall talk persists as Trump meets with community banks

Joe Mont | March 9, 2017

On the same day President Donald J. Trump met with community and regional bank leaders, comments regarding a possible resurrection of the Glass-Steagall Act sent bank stocks tumbling

The Glass-Steagall Act was passed by Congress in 1933, in the wake of the Great Depression. Similar to more modern “ring fencing,” it prohibited commercial banks from engaging in investment businesses. The law was revoked in 1999 during a pro-business deregulation push by the Clinton Administration. The Dodd-Frank Act’s Volcker rule, a prohibition on proprietary trading by federally insured depository institutions, was an effort to fill the longstanding regulatory gap.

Asked during a March 9 press gaggle, Sean Spicer, the Trump Administration’s press secretary, confirmed that reinstating some form of Glass-Steagall remained a priority for the President, who has made doing so an occasional talking point. Reinstating the legislation was also included in pre-election party platforms by both...

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