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Trump's comments could give a push to efforts to revive the
Depression-era Glass-Steagall law that separated commercial
lending from investment banking. Reviving such a law would
require an act by Congress.
"I’m looking at that right now,” Trump said on Monday in an
interview with Bloomberg News in the Oval Office. “There’s some
people that want to go back to the old system, right? So we’re
going to look at that.”
While campaigning for president, Trump had expressed support on
the campaign trail for a "21st-century Glass-Steagall."
White House spokesman Sean Spicer told a news briefing that
Trump had expressed interest in the issue and had been briefed
on it by Treasury Secretary Steven Mnuchin but was not ready to
discuss it publicly.
"We're not at a point where we're ready to roll out details of
that yet," Spicer said. "He is actively looking at options and
considering things."
One of Trump's top economic advisers, Gary Cohn, director of the
National Economic Council, reiterated Trump's support for the
concept during a private meeting with lawmakers on April 6, a
White House spokesperson told Reuters.
U.S. stocks sharply pared gains on Monday after Trump's comments
and the S&P 500 bank index dropped nearly 1 percent before
rebounding.
(Reporting by Timothy Ahmann and Doina Chiacu; editing by Chizu
Nomiyama and Jonathan Oatis)
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