GOP Platform to Call for Reinstatement of Glass-Steagall

[applegrove]

GOP Platform to Call for Reinstatement of Glass-Steagall

by Ryan Rainy at the Morning Consult

https://morningconsult.com/alert/gop-platform-call-reinstatement-glass-steagall/

"SNIP............


The Republican Party will call for the reinstatement of the Depression-era Glass-Steagall law that separated investment and consumer banking functions, a top official for Donald Trump’s presidential campaign said Monday.

Paul Manafort, Trump’s campaign chairman, told reporters in Cleveland that the GOP platform will “call for the reintroduction” of Glass-Steagall, which would “create barriers between what the big banks can do and try and avoid some of the crisis that led to 2008.”

“We believe that the Obama-Clinton years have passed legislation that has been favorable to big banks, which is why you see all of the Wall Street money going to her,” Manafort said, referring to presumptive Democratic nominee Hillary Clinton. “They know she’s their champion, and they’re supporting her fully. We are supporting small banks and Main Street.”

The draft Democratic platform calls for “an updated and modernized version of Glass-Steagall.” Reinstating the law was a key economic position of Sen. Bernie Sanders (I-Vt.), Clinton’s longtime challenger for the Democratic nomination before he endorsed her for president. Former President Bill Clinton signed the repeal of Glass-Steagall elements contained in the 1999 Gramm-Leach-Bliley Act.


..............SNIP"

[applegrove]

1. Donald is tacking left!! GOP knows Hillary's plans for financial regulation are even

more substantial.

[highprincipleswork]

2. Yeah, or they know they can possibly outflank Hillary and the Democratic platform in public mind,

and win votes.

Always nice to have something simple and specific to say you're going to do other than taking a nuanced position.