…Presidential candidates do not have to follow party platforms, but big banks will be troubled by the cross-party support for legislation inspired by the 1933 Glass-Steagall act because such ideas can gain a life of their own once in official documents.
Any prohibition barring investment bankers from operating under the same roof as federally insured deposits would pose an existential challenge to Citigroup, JPMorgan, Bank of America, Wells Fargo and, to a lesser extent, Goldman Sachs.
The original Glass-Steagall act was abolished in 1999 when President Bill Clinton signed bank reform legislation that was crafted by Republican lawmakers and backed by many Democrats in Congress….
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