In Trump’s campaign for president, he pledged to bring back Glass Steagall, and that same pledge was included in the Republican Party platform. Glass Steagall was a depression-era law limiting the financial activities of banks, which was repealed in 1999. But what does it mean to support a modern version of this act?
The Trump administration has given confusing answers to this question. Meanwhile, liberal Democrats have made clear that they mean breaking up the large banks. These issues will have to be sorted out by Randal Quarles, who will soon gain Senate approval to be the first vice chair for regulation at the Federal Reserve.
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