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US President Considering Breaking up Big Banks - ASHARQ AL-AWSAT English Archive
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Washington – US President Donald Trump said he was actively considering breaking up big banks, Bloomberg Television reported on Monday.

Trump’s comments could give a push to efforts to revive the Depression-era Glass-Steagall law that separated commercial lending from investment banking. Reviving such a law would require an act by Congress.

“I’m looking at that right now,” Trump said on Monday in an interview with Bloomberg News in the Oval Office.

“There’s some people that want to go back to the old system, right? So we’re going to look at that.”

One of Trump’s top economic advisers, Gary Cohn, director of the National Economic Council, reiterated Trump’s support for the concept during a private meeting with lawmakers on April 6, a White House spokesperson told Reuters.

On the other hand, President Trump mused in an interview that the Civil War could have been avoided if only Andrew Jackson had been around to stop it. Jackson had been dead 16 years and long out of office when the war started in 1861.

“I mean, had Andrew Jackson been a little later you wouldn’t have had the Civil War,” Trump said in an interview with SiriusXM.

“He was a very tough person, but he had a big heart. He was really angry that he saw what was happening with regard to the Civil War, he said ‘There’s no reason for this.’”

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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