Trump says he's thinking about breaking up the big banks
Advertisement
REUTERS/Carlos Barria
Advertisement
"I'm looking into that right now," he told Bloomberg about bringing back the "old system" that separated consumer lending and investment banking.
The move would the repealed Glass-Steagall Act that was passed in 1933, which required banks to separate commercial deposit banking from investment banking. While campaigning, Trump said he supported a 21st century version of the law.
Stocks fell after headlines from Trump's interview crossed. At 12:56 p.m. ET, the Dow was down 14 points, or 0.07%.
Shares of several big banks including Morgan Stanley, Citi, and Goldman also fell.
Advertisement
Advertisement
- 5 Best places to visit near Darjeeling
- Climate change could become main driver of biodiversity decline by mid-century: Study
- RBI initiates transition plan: Small finance banks to ascend to universal banking status
- Internet of Things (IoT) Applications
- 10 Ultimate road trip routes in India for 2024