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- Goldman's Lloyd Blankfein Seems to be Making a Habit Out of Trolling Trump
- Goldman on Hunt for Star Traders to Revive Struggling Commodities Unit
- Yahoo Owes Millions for Busting NCAA Tourney Bracket Deal
- JPMorgan Joins 21st Century Fox in Fighting 'Deep Divisions Across Our Country'
- Please, God, Save Gary Cohn From Himself: The Case for Resigning
- Regulatory Considerations When Bringing on a New Advisor
- Why Deutsche Bank is at Mercy of Regulators
- U.S. Treasury Auction Class-Action – Federal Judge Causes Interminable Delay
- Mnuchin Rejects Calls to Resign and Defends Trump
- Best Time to Go to the U.S. (Tennis) Open Tourney - Before It Starts on August 28
- Stifel Prevails in Arbitration But Ex-Hilltop Employees Hit with Awards - Bill Singer
- Banca IMI Securities to Pay $35Mn for Improper Handling of ADRs in Continuing SEC Crackdown
- Members of White House ‘Arts Panel’ Resign En Masse in Protest of Trump
- FINRA Whiffs on Disciplinary Sanction: Bill Singer's 'Negligent Market Manipulation in OTC Stock Promotion'
- Heather Heyer’s Mother Says, ‘I’m Not Talking to the President’
- Goldman Sachs May Have Lost $100Mn on Energy Bet Gone Wrong
- SEC Drops Case Against Ex-JPMorgan Traders Over 'London Whale'
- Financial Advisers That Invest in Technology Need to Accomplish These Two Things
- FINRA Amends Codes Regarding Expedited Arbitrator List Selection
- FINRA July 2017 Quarterly Disciplinary Review (Podcast)
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NEWSLETTERS & ALERTS
Conflicted: In Support of Restoring Glass-Steagall
[Photo: by Andrew Harrer / Bloomberg]
Until it was repealed in 1999, the Glass–Steagall Act provided for the separation of commercial and investment banking. It prevented securities firms and investment banks from taking deposits, while preventing commercial Federal Reserve member banks from:
- dealing in non-governmental securities for customers
- investing in non-investment grade securities for themselves
- underwriting or distributing non-governmental securities
- affiliating (or sharing employees) with companies involved in such activities
During the presidential campaigns, Donald Trump pledged to restore the Glass-Steagall Act, and last month WH spokesman Sean Spicer said that Trump remains committed to that pledge.
Yesterday, at a private meeting arranged by Senate Banking Committee Chairman Mike Crapo, Gary Cohn, who heads the National Economic Council, expressed support for a policy that would separate the consumer-lending businesses of large Wall Street banks from their investment banking. The remarks surprised some of the attendees, who would have thought that this former Wall Street executive would be more inclined to try and influence the Trump administration to take a pass on such radical legislation.
Nevertheless, the remarks led a White House official to say later that Cohn was simply reiterating the Trump administration's view that the banking system should be simplified with a focus on helping business grow and create jobs.
The Trump administration gets curiouser and curiouser.