President Trump Considers Breaking Up Big Banks
Trump suggested he could force a split of their consumer business and investment operations
President Donald Trump has said he is considering breaking up the big Wall Street banks, signaling a possible revival of the Glass-Steagall act. The President's plan, which he is yet to lay out in great detail, would split the consumer business and investment operations of banks.
During the election campaign, Donald Trump expressed his desire to introduce what he called a "21st century" Glass-Steagall act.
Glass-Steagall was repealed in 1999, allowing U.S. banks to own retail banks and investment operations.
Following the President's remarks, bank shares initially fell before rebounding later in the session.
This article was written by a staff member of TheStreet.
