Bloomberg discusses the GOP platform's support of reinstating the Glass-Steagall Act with John Berlau.
In addition to scaling back Dodd-Frank -- which Republicans call the Democrats’ "legislative Godzilla" -- this year’s party platform calls for reinstating the Glass-Steagall Act, which long kept commercial lending separate from activities such as securities underwriting and trading. The stance is a switch: Almost all Republicans in Congress supported the decision to scrap the law in 1999.
Republicans like Pence who lined up against the financial-rescue measure were bucking their party’s sitting president, President George W. Bush, and Treasury Secretary Henry Paulson. The 2008 Republican presidential nominee, Senator John McCain, also supported it, as did Democratic nominee Barack Obama and the future House speaker, Representative Paul Ryan. But Pence never did.
"Pence certainly was a leader" in working to defeat it, says John Berlau, an economist and senior fellow at the nonprofit Washington-based Competitive Enterprise Institute.
Read the full article at Bloomberg.