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Trump Wants Modern Version of '33 Glass-Steagall Law Stopped By Bill Clinton

Trump Wants Modern Version of '33 Glass-Steagall Law Stopped By Bill Clinton

Donald Trump (AP Photo)

Wednesday, 26 October 2016 05:58 PM

Donald Trump is calling for a "21st century" version of the bank-busting 1933 Glass-Steagall law that restricted banks from serving both Wall Street and Main Street.

Speaking at a campaign event Wednesday in Charlotte, N.C. – after the GOP nominee attended a ribbon cutting for his new International Trump Hotel at the Old U.S. Post Office building – Trump gave no details about his banking plan, but declared he would prioritize "helping African American businesses get the credit they need."

"Dodd-Frank has been a disaster, making it harder for small businesses to get the credit they need," Trump said in the Charlotte speech, which was posted on the GOP nominee's website.

"The policies of the Clintons brought us the financial recession – through lifting Glass-Steagall, pushing subprime lending, and blocking reforms to Fannie and Freddie. It's time for a 21st century Glass Steagall and, as part of that, a priority on helping African-American businesses get the credit they need."

Former president Bill Clinton signed legislation in 1999 that repealed Glass-Steagall.

The official Republican platform also calls for bringing back the law that mandates the separation of commercial and investment banking.

Reuters contributed to this report.

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Donald Trump is calling for a "21st century" version of the bank-busting 1933 Glass-Steagall law that restricted banks from serving both Wall Street and Main Street.
bank, law, glass, steagall, Donald Trump
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2016-58-26
Wednesday, 26 October 2016 05:58 PM
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