Republicans add Bernie Sanders-style Wall Street reform to their platform

In case any Sanders voters get wandering eyes, Elizabeth Warren – the godmother of anti-Wall Street policies – has taken it upon herself to remind Sanders voters that Trump is no friend. He often accused Clinton of not supporting it because of the millions of dollars in speaking fees she has received from Wall Street banks.

The Glass-Steagall Act of 1933 was passed in the wake of the stock market crash of 1929 and the thousands of banks failures that led up to the Great Depression.

Additionally, the financial crisis was a result of excesses in traditional banking – especially mortgages – not financial trading gone awry. Republicans call it “the Democrats’ legislative Godzilla”.

Trump has previously called for dismantling the Dodd-Frank financial reform laws. Presumptive nominee Hillary Clinton, whose ties to Wall Street have come under fire, has expressed misgivings about reinstating the law in the past.

“Sanders supporters would have to overcome their concerns about Trump’s positions on immigration, race, the wall, taxes, etc. – all of those things – to support Trump over this throwaway line in the party platform”, he said. And we talk about the legislation that affects, you know, some of the mistakes made in repeal of Glass-Steagall and some of the mistakes made in imposing Dodd-Frank.

“We support legislation to ensure that the problems of any financial institution can be resolved through the Bankruptcy Code”. “If we do that, the other thing is we will never be a magnet for money center organizations because the biggest banks in the world will be in Europe and Asia instead of here in the United States”.

Konczal argues that restoring the Glass-Steagall law should not be a priority for reformers.

A bank could be only a commercial bank, an investment bank or an insurance company. For that reason, Konczal added, the government should regulate the two types of institutions together.

For example, the platform includes several strongly worded paragraphs demonizing the Consumer Financial Protection Bureau, Warren’s brainchild. When the law was scrapped in 1999 under President Bill Clinton, nearly all Republican lawmakers who were in Congress at the time supported the decision. Bernie Sanders (I-VT), and offers an opportunity to hit her from the left as well as the right.

“This is one of the prongs that Trump will continue to use, the message that Clinton doesn’t want to break up the big banks, but she is being sent to D.C.to protect them”, said Isaac Boltansky of Compass Point Research & Trading.

“I don’t understand the negative feelings about having people that understand that industry help work on macro policy solutions”, said Hill.

Republican presidential candidate Donald Trump’s bank policy has surprised business.

Avik Roy, a former adviser to Sen. The official support for Glass-Steagall reverses decades of Republican orthodoxy, and drives a wedge between progressive Democrats and Hillary Clinton.

He pointed to language in the platform suggesting support for increased capital requirements on banks, which force shareholders to absorb more of the banks’ losses in the event of a crisis and reduce the need for a bailout by taxpayers.

Stivers also said a new president could take other approaches to reforming Dodd-Frank including doing a “call for evidence” – an idea being implemented by European bank regulators in which they reevaluate which regulations are working. In so many ways, this ain’t Mitt Romney’s party anymore.