Trump calls for '21st century' Glass-Steagall banking law

October 26, 2016 5:24 PM EDT

Republican presidential nominee Donald Trump speaks at a campaign event, in Washington, DC, U.S., October 26 2016. REUTERS/Carlo Allegri


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(Reuters) - U.S. Republican presidential candidate Donald Trump on Wednesday called for a "21st century" version of the 1933 Glass-Steagall law that required the separation of commercial and investment banking, a change the Republican Party also supported in its 2016 policy platform.

Trump gave no details about his banking plan other than to say he would prioritize "helping African American businesses get the credit they need."

Democrat Hillary Clinton's husband, former president Bill Clinton, signed legislation in 1999 that repealed Glass-Steagall.

U.S. banking law was comprehensively revised by the Dodd Frank Wall Street Reform and Consumer Protection Act in 2010 as a response to the financial crisis of 2008.

(Reporting by Emily Stephenson)



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