Trump says he is 'looking at' breaking up Wall Street banks


President Trump said he is "looking at" breaking up giant Wall Street banks during an interview with Bloomberg News on Monday. "I'm looking at that right now," Trump said. "There's some people that want to go back to the old system, right? So we're going to look at that."
The "old system" Trump refers to is the 1933 Depression-era Glass-Steagall law that required a separation of consumer lending and investment banking. The Republican platform also backs restoring the law, which was repealed in 1999 under former President Bill Clinton.
Trump's Treasury Secretary Steven Mnuchin, who is a former banker for Goldman Sachs, has also called for a "21st century" Glass-Steagall.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
"On the one hand, a revival of Glass-Steagall would fly in the face of Trump's push to accelerate the American economy by massively reducing regulation," writes CNN Money. "But Trump did bash big banks before the election, especially Goldman Sachs. Breaking up the banks would appeal to Trump's populist message of draining the swamp by uprooting the establishment."
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.
-
Can Trump put his tariffs on stronger legal footing?
Today's Big Question Appeals court says 'emergency' tariffs are improper
-
Film reviews: The Roses, Splitsville, and Twinless
Feature A happy union devolves into domestic warfare, a couple's open marriage reaps chaos, and an unlikely friendship takes surprising turns
-
Thought-provoking podcasts you may have missed this summer
The Week Recommends Check out a true crime binger, a deep-dive into history and more
-
New York court tosses Trump's $500M fraud fine
Speed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in Intel
Speed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to China
Speed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with Disney
Speed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B deal
Speed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance merger
Speed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
Tesla reports plummeting profits
Speed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
-
Dollar faces historic slump as stocks hit new high
Speed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year