Tags: Donald Trump | Financial Markets | bank | regulations | Glass-Steagall | Bernie Sanders

WH Still Committed to Reviving Glass-Steagall Bank Regulations

Image: WH Still Committed to Reviving Glass-Steagall Bank Regulations
President Donald Trump (AP Photo/Pablo Martinez Monsivais)

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Thursday, 09 Mar 2017 09:10 PM Current | Bio | Archive

The White House restated President Donald Trump's commitment Thursday to the revival of the Glass-Steagall financial regulatory legislation – one of the few major issues on which Trump and self-styled "Socialist" and Sen. Bernie Sanders, I-Vt., agreed when they were both presidential hopefuls in 2016.

Enacted as part of the New Deal legislation of Franklin D. Roosevelt's first "100 Days" as President in 1933, Glass-Steagall Act placed a strict legal separation of community banks and risky trading and investment.

The measure was repealed by the Republican-controlled Congress in 1999 and its repeal signed by then-President Bill Clinton.

Asked by Newsmax on Thursday if the president is still committed to resurrecting Glass-Steagall, White House press secretary Sean Spicer replied without hesitation: "Yes."

Sanders campaigned hard for its revival as a Democratic presidential hopeful in 2016. Revival of the Glass-Steagall Act was also included in the Republican Party platform last year, with Trump operatives on hand at the party's convention platform committee this summer, when the Glass-Steagall plank was voted as part of the Republican manifesto.

Speaking of Trump's commitment to the return of the Glass-Steagall Act, Sanders told Newsmax in November: "Millions of Americans believe in it, and I would look forward to working with him."

Asked if the White House was planning any meetings with Sanders in the immediate future, Spicer told us: "There's no current schedule to meet with him. I'm sure that, as he has done with other members of Congress from both sides of the aisle, that at some point that will be scheduled. We don't have anything on the books for now but look – he has shown his willingness to reach across both sides of the aisle, his willingness to look into both chambers, not just business but labor, where we can find common ground."

As to whether the president planned to work with Sanders on a 21st Century Glass-Steagall Act, Spicer said: "I think if Sen. Sanders and others want to work with the White House on ways we can improve the financial industry, we can do that."

John Gizzi is chief political columnist and White House correspondent for Newsmax. For more of his reports, Go Here Now.

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The White House restated President Donald Trump's commitment Thursday to the revival of the Glass-Steagall financial regulatory legislation.
bank, regulations, Glass-Steagall, Bernie Sanders
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2017-10-09
Thursday, 09 Mar 2017 09:10 PM
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