Last week Treasury Secretary Steven Mnuchin indicated that the Trump administration will oppose any common sense legislation to break up the big banks and they will also support allowing “too big to fail” banks to continue to gamble with American’s hard earned savings, retirements funds, etc., just like they did before the Great Recession and the $700 billion taxpayer bailout of Wall Street. In a word, the Trump administration will cater to the demands of Wall Street, rather than what’s needed for the American people. I have long pushed for a 21st Century Glass Steagall Act, to break up the “too big to fail” banks, separate risky Wall Street investments from ordinary commercial banking, close loopholes that allow risky banking practices, and enforce penalties for banks that break the law. It is absurdly hypocritical for the Trump administration to say that they support some sort of Glass Steagall Act but they simultaneously want to gut the entire purpose of the legislation.

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