NEW YORK (TheStreet) -- Financial regulation is not going to be repealed under President-elect Donald Trump, Goldman Sachs (GS) CEO Lloyd Blankfein said on CNBC's "Closing Bell" on Thursday afternoon. 

Some investors are expecting Trump to repeal Dodd-Frank, which places regulation of the financial industry in the hands of the government. It was passed by the Obama administration in 2010 as a way to prevent a future financial crisis similar to the one that happened in 2008.

"Dodd-Frank has made it impossible for bankers to function," Trump told Reuters earlier this year. "It makes it very hard for bankers to loan money for people to create jobs, for people with businesses to create jobs. And that has to stop."

While this piece of legislation won't be repealed, there could be some modifications to it, Blankfein admitted. "You wouldn't want to repeal it in toto. If you want to be good for bankers, you have policies that drive economic growth. That will be good for bankers. It will be good for companies. It will be good for citizens."

There's also talk that Trump might bring back the Glass-Steagall Act of 1933, which separated investment banking from commercial banking lending. 

"I don't think that's realistic" because " the world has evolved since then and you really couldn't separate those activities because lending and corporate bond trading are kind of substitutes for each other," Blankfein claimed. 

Right now, lending to a bank or underwriting a corporate bond from a bank are "economically equivalent things," he said. But even if the act was brought back, it would do "very little violence" to Goldman Sachs. 

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