Economic news

Trump administration pulls back from idea of breaking up banks

The Trump Administration does not support the idea of breaking up the biggest banks to separate investment operations from ordinary commercial ones, U.S. Treasury Secretary Stephen Mnuchin said at a Senate Banking Committee hearing.

Earlier, representatives of the administration expressed support for the revival in some form of the Glass-Steagall law (1933), which split commercial and investment banking. That was included in the Republican election program in 2016.

However, this time, Mnuchin quite definitely opposed this. According to him, that would be a very significant problem for financial markets and the economy.

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