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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.

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 Her husband, former President Bill Clinton, signed the legislation that repealed Glass-Steagall in 1999.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.”

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.

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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.

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

Report typos and corrections to [email protected].
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Elections 2016

Conservative Ben Shapiro tweeted something many found offensive — so now he’s calling his critics ‘garbage’

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Right wing "thought leader" Ben Shapiro appeared today to say not using the "N" word is nearly impossible as he defended conservative, pro-gun teen Kyle Kashuv, one of the Parkland survivors who just had his acceptance to Harvard rescinded over his racist remarks, which included repeated use of the "N" word.

To be clear, Shapiro denies that's what he meant.

Here is Shapiro on Twitter, in what many took as him appearing to call not using the "N" word – in Kashuv's case, repeatedly, over and over and over again, "an insane, cruel standard no one can possibly meet."

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2020 Election

Obsessed Trump: ‘Only fake polls show us behind’ Democrats. Fox News: 5 Dems would beat him

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President Donald Trump is obsessed with polls – but not facts – and increasingly so. He just fired his internal pollsters after leaked internal poll numbers show devastating lossesfor Trump in key battleground states.

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CNN

If Trump really believed he was falsely accused ‘that is not a corrupt motive’ for removing the special counsel: Bill Barr

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Attorney General William Barr told Senator Dianne Feinstein (D-CA) that if President Donald Trump really and truly thought he was being falsely accused of collaborating with Russia to steal the 2016 presidential election, that it was "not a corrupt motive" for firing Robert Mueller, a stunning statement from the nation's highest law enforcement officer.

"As a matter of law, I think the department's position would be that the president can direct the termination or the replacement of a special counsel," said Barr. "And as a matter of law, the obstruction statute does not reach that conduct."

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