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New GOP platform calls for reinstatement of Glass-Steagall banking law

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The U.S. Republican Party on Monday approved a new policy platform that calls for reinstating the 1933 Glass-Steagall law requiring the separation of commercial and investment banking, an addition White House hopeful Donald Trump’s campaign said it backed.

Trump, who will formally accept the Republican presidential nomination in Cleveland this week, has vowed to dismantle most of the Dodd-Frank Wall Street reform law that was passed under President Barack Obama following the 2007-2009 financial crisis.

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The language in the Republican platform offered further details on Trump’s regulatory policies.

Trump, who has sought to cast himself as a populist, has accused presumptive Democratic presidential nominee Hillary Clinton of being too close to Wall Street. Her husband, former President Bill Clinton, signed the legislation that repealed Glass-Steagall in 1999.

“The Obama-Clinton years have passed legislation that has been favorable to the big banks, which is why you see all the Wall Street money going to her,” Paul Manafort, Trump’s campaign manager, told reporters on Monday. “They know she’s their champion, and they are supporting her fully.”

Some U.S. lawmakers in both parties support a modern Glass-Steagall to keep banks from becoming “too big to fail,” or so big their collapse would destabilize the financial system. The Democratic Party’s 2016 platform, which has not been approved, calls for an updated version.

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Republicans universally despise Dodd-Frank, which their platform calls “Democrats’ legislative Godzilla.” But senior congressional Republicans back other alternatives.

“Glass-Steagall is dumb politics and dumb economics,” said Tony Fratto, who worked in the administration of Republican President George W. Bush. “Returning to Glass-Steagall would be destructive and unworkable.”

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Clinton has said she would break up banks based on risk, not size, and frequently focuses on the risks posed by non-bank institutions.

Manafort listed the Glass-Steagall language among platform points he said “reflect the issues that Mr. Trump has raised during the course of the campaign,” including building a wall at the border with Mexico and calling for tougher trade deals.

The platform also calls for control of national parks and other lands to be handed over to states, an effort by the party’s conservative wing that got national attention during a 2014 standoff involving a Nevada cattle rancher.

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(Reporting by Emily Stephenson; Editing by Toni Reinhold and Jonathan Oatis)

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Enjoy this piece?

… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

We need your support to keep producing quality journalism and deepen our investigative reporting. Every reader contribution, whatever the amount, makes a tremendous difference. Invest with us in the future. Make a one-time contribution to Raw Story Investigates, or click here to become a subscriber. Thank you.



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Trump approves of North Korea missile tests: ‘I have no problem’ because they’re just ‘short-range missiles’

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On Thursday, in conversation with reporters, President Donald Trump said that he had 'no problem' with North Korea's new round of missile tests.

"Short-range missiles, we never made an agreement on that," said Trump. "I have no problem, we'll see what happens, but these are short-range missiles. They're very standard."

The thought that short-range missiles would still be capable of hitting our allies in the region, like South Korea and Japan, does not seem to have occurred to him.

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Trump says he has "no problem" with North Korea testing missiles because they are just "short-range missiles" that are "very standard." pic.twitter.com/fdKtQ6yrBE

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Elections 2016

Russian Twitter propaganda predicted 2016 US election polls

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When Robert Mueller completed his long-awaited investigation into Russian interference in the 2016 presidential election, he left many questions unanswered.

But one conclusion was unequivocal: Russia unleashed an extensive campaign of fake news and disinformation on social media with the aim of distorting U.S. public opinion, sowing discord and swinging the election in favor of the Republican candidate Donald Trump.

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Elections 2016

Beto O’Rourke calls for a ‘war tax’ in release of health care plan for veterans

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The Democratic presidential candidate uses his eighth policy announcement to focus on an area that he prioritized in Congress.

Democratic presidential candidate Beto O'Rourke on Monday morning released a plan to improve the lives of veterans, returning to an area of priority during his time in the U.S. House for his latest 2020 policy rollout.

In keeping with measures he supported in Congress, the plan calls for a "responsible end" to the wars in Iraq and Afghanistan — reinvesting $1 out of every $2 saved in veterans programs — and the creation of a Veterans Health Care Trust Fund for each future war. The fund would be paid for by a "war tax" on households without service members or veterans.

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