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Trump says he's considering breaking up big banks

Xinhua, May 2, 2017 Adjust font size:

U.S. President Donald Trump said on Monday that he's considering breaking up the nation's biggest banks, a vow he had made during the presidential campaign.

"I'm looking at that right now," Trump said in an interview with Bloomberg News. "There's some people that want to go back to the old system, right? So we're going to look at that."

Trump's remarks appear to suggest that he's considering a revived version of the 1933 Glass-Steagall Act, which separated consumer and investment banking but was repealed in 1999 due to financial deregulation.

Many people have blamed the repeal of Glass-Steagall Act for contributing to the financial crisis in 2008. During the presidential campaign, Trump had also called for a "21st century" version of the Glass-Steagall Act.

White House press secretary Sean Spicer said Monday that Trump was reiterating his past support for a modernized version of the Glass-Steagall Act, but the White House would not release any proposals soon.

"We're not at a point where we're ready to roll out details of that yet," Spicer said. Endi