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White House Economic Advisor Supports Splitting Lending & Investments Banks

Thu, Apr 6, 2017

District Of Columbia

In a private meeting Wednesday with lawmakers, Bloomberg News reports that White House economic adviser Gary Cohn said he supports a policy that could radically reshape Wall Street by splitting consumer-lending from investment banking.

The comments echo what President Trump and Republican lawmakers have previously said about wanting to bring back Glass-Steagall, which kept the businesses separate for more than six decades.

According to Bloomberg, Wednesday’s Capitol Hill meeting with Cohn was arranged by Senate Banking Committee Chairman Mike Crapo of Idaho, and included lawmakers from both political parties and their staffs. The discussion reportedly covered a wide range of topics, including financial regulations and overhauling the tax code, the people said.