Trump may break up big banks, Latest World News - The New Paper

Trump may break up big banks

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WASHINGTON: US President Donald Trump said he is considering breaking up big banks, Bloomberg Television reported on Monday.

Mr Trump's comments could give a push to efforts to revive the Depression-era Glass-Steagall law, which separates commercial lending from investment banking.

Reviving such a law would require an act by Congress.

"I am looking at that right now," Mr Trump said.

"There are some people that want to go back to the old system, right? So we are going to look at that."

While campaigning for president, Mr Trump expressed support for a "21st-century Glass-Steagall".

White House spokesman Sean Spicer told a news briefing that Mr Trump has expressed interest in the issue and been briefed on it by Treasury Secretary Steven Mnuchin, but he is not ready to discuss it publicly. - REUTERS

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