Wash. D.C. msn.com
President Trump is revisiting the gas tax, and considering a break up of giant Wall Street banks, giving a push to efforts to revive a Depression era law separating consumer and investment banking. “I’m looking at that right now,” Trump said of breaking up banks in the 30 minute Oval Office interview with Bloomberg news. “There’s some people that want to go back to the old system, right ? So we’re going to take a look at that.”
Trump also said he’s open to increasing the U.S. gas tax to fund infrastructure development, in a further sign that policies with the Republican establishment are under consideration in the White House. he described higher gas tax as acceptable to truckers–“I have one friend who’s a big trucker,” he said–as long as the proceeds are dedicated to improving U.S. highways. Trump also said he would be willing to meet with North Korean dictator Kim Jong Un, against the recommendations of his political advisers, to avert a military confrontation with the U.S. adversary. he also said that a Republican replacement for the Affordable Care Act would protect Americans with pre-existing conditions at least as well as Obamacare.
During the presidential campaign, Trump called for a 21st century version of the 1933 Glass-Steagall law that required the separation of consumer and investment banking. The 2016 republican platform also backed restoring the legal barrier, which was repealed in 1999 under the financial deregulation signed by then President Bill Clinton. A handful of lawmakers blame the repeal for contributing to the 2008 financial crisis, an argument that Wall Street flatly rejects. Trump couldn’t unilaterally restore the law; Congress would have to pass a new version.
Trump said the tax cuts he’s seeking would, along with renegotiated trade agreements, serve as badly needed stimulus for the economy. The gas tax would be used for infrastructure spending, further stimulating the economy.