Republican Presidential Platform Raises The Specter Of Reinstating Glass-Steagall

According to various media sites, including Business Insider, the Republican Party wants to re-instate as law "Wall Street's worst nightmare": The Glass Steagall Act.

The Glass Steagall Act dates back to 1933 and restricts banks that hold Federal Deposit Insurance Corp. insured deposits from investing in any sort of instrument other than government bonds and similar low-risk vehicles.

The act was partially repealed in 1999, and some politicians and economists attribute this event to the 2008–09 financial crisis.

Paul Manafort, presumptive Republican nominee Donald Trump's campaign manager, was said to have told reporters that the Republican platform will include the desire to reinstate the Glass-Steagall regulation.

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Business Insider noted that by doing so, the largest banks will be forced to split their investment banking division from the consumer banking segment. However, the party's platform is far from binding, and much can change over the coming months.

"We believe 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," Manafort told The Hill. "We are supporting the small banks and Main Street."

Trump has previously called for dismantling the Dodd-Frank financial reform laws. Business Insider suggested that calling for Glass-Steagall represents a "change of the official outlook for the Republican Party."