President Donald Trump's position has stayed "consistent" regarding the revival of a split between investment banking and commercial banking, White House Press Secretary Sean Spicer told reporters in a Feb. 1 briefing.
When asked if Trump still supported reinstating the measure, known as Glass-Steagall, Spicer replied: "The president's position is consistent, yes."
The Republican Party's 2016 Platform stated, "We support reinstating the Glass-Steagall Act of 1933 which prohibits commercial banks from engaging in high-risk investment." Trump's nominee for Treasury secretary, Steven Mnuchin, said in his confirmation hearing that a wholesale reinstatement of that law would not be feasible. Instead, he has said that "a 21st Century Glass-Steagall" is worth consideration. Multiple bipartisan bills introduced in recent years have proposed such a measure.
Mnuchin's appointment passed the Senate Finance Committee on Feb. 1 after Republicans countered a blocking tactic by committee Democrats, who have criticized Mnuchin for foreclosure practices at OneWest Bank Group LLC while he led the lender.
In the press briefing, Spicer said that White House policy priorities would become more clear once the president's cabinet had been confirmed.