“Wall Street has descended into a state of shock after Donald Trump’s campaign revealed the Republican presumptive presidential nominee would push for the reinstatement of the Glass-Steagall banking law to effectively break up the big banks.

“Mr Trump’s campaign manager, Paul Manafort, said at the Republican National Convention in Cleveland on Monday that the party’s official policy platform would advocate a return of the Depression-era law, which was repealed under President Bill Clinton in 1999.”

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“It’s potentially great news for financial reform and protecting taxpayers, as long as it’s not another Republican Trojan Horse that looks good, but concealed underneath are killer loopholes and big bank giveaways,” he told The Hill in Washington.

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To read the full Australian Financial Review article by John Kehoe click here.