The Republican Platform’s Surprise Revival of Glass-Steagall Legislation

THE LAST-MINUTE DECISION to include in the Republican platform a call to restore the firewall between commercial and investment banking comes as a surprise, because Donald Trump himself has never publicly addressed or endorsed such a reform in his year-long presidential run.

Trump did once say at a debate in New Hampshire, “nobody knows banking better than I do,” but a review of the transcripts of all 12 Republican debates shows that he never endorsed restoring Glass-Steagall, legislation first passed in 1933. Websites devoted to detailing Trump’s positions find no record of him having any opinion on the Depression-era law. The issues pages of Trump’s presidential website steer clear of anything related to banks or finance.

In fact, Trump campaign manager Paul Manafort, who first leaked word that the platform would endorse the reintroduction of Glass-Steagall, ran a campaign consulting firm in the 1980s that helped elect to Congress Phil Gramm, co-author of Glass-Steagall’s repeal. (Gramm supported Ted Cruz in the GOP primaries.)

The measure is haphazardly attached to the end of a paragraph decrying regulatory overreach by the Environmental Protection Agency, National Labor Relations Board, Federal Communications Commission, and more. Tacking on a call to restore a law that prevents private corporations from particular lines of business suggests that there wasn’t much thought put into it before Monday.

To the extent that Trump has expressed anything about financial reform, it’s been a desire to roll it back. He told The Hill last October that the Dodd-Frank law is “terrible” and “the regulators are running the banks.” Dodd-Frank’s repeal is also in the Republican platform.

Read on.

3 responses to “The Republican Platform’s Surprise Revival of Glass-Steagall Legislation

  1. Reblogged this on Deadly Clear and commented:
    Maybe there are 2 sides as The Big Short suggests. What would Michael Burry think about Donald Trump? Let’s face it – you can’t fight it unless you understand it and you certainly can’t lead the fight if you are in bed with the “other side”.

  2. BTW – Mr. Trump is invested in tangible gold (not paper) and even accepted it for down payment in a real estate transaction.

  3. Gotta listen to this from Bix Weir this morning. Here’s my prediction: Gold will remain King and maintain high rates, but silver will replace the fiat currency because there is more of it to be mined.

    Aloha, Ginny From my iPad.


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