And now we have Donald Trump 837th attempt to pivot:
Donald Trump will propose a temporary moratorium on new financial regulations in an economic speech Monday in Detroit in an effort to draw a stark contrast with the domestic policies of Hillary Clinton, who he says “punishes” the American economy.So I guess this means that President Trump wouldn't make any effort to fulfill this pledge in his first hundred days:
... Trump will say he will not propose any new financial regulations until the economy shows “significant growth,” the aides said.
Republican National Convention delegates approved a platform Monday that calls for reinstating the Glass-Steagall Act....When that platform item was announced, the Trump's campaign online communications office, otherwise known as Breitbart.com, told us that, unlike evil corporatist Hillary Clinton, Trump was prepared to stick it to The Man, man!
The Glass-Steagall measure puts presumptive presidential nominee Donald Trump and his party in the company of unlikely allies such as Bernie Sanders, the democratic socialist who ran against Democrat Hillary Clinton on a plan that included Glass-Steagall reinstatement, underscoring the blurring of political lines in the 2016 race.
Donald Trump is using his Art of the Deal to attack Hillary Clinton’s Wall Street fundraising spigot by promising to reinstate the Depression-era Glass-Steagall Act that her husband, President Bill Clinton, repealed in the waning days of his Administration.Whoops! Guess not.
The demand to repeal Glass-Steagall is also a page taken from Hillary’s primary opponent, Sen. Bernie Sanders (I-VT), and offers an opportunity to hit her from the left as well as the right.
... Ever since her husband’s repeal of Glass-Steagall in 1999, Wall Street has been shown leadership in fundraising for Hillary Clinton....
Number 8 in Donald Trump’s “11 winning negotiation tactics” of The Art of the Deal is “when people treat me badly or unfairly or try to take advantage of me, my general attitude, all my life, has been to fight back very hard.”
Expecting the Clintons and their surrogates to come at him very hard, Trump is putting the re-instatement of Glass-Steagall in the Republican platform as a direct attack on Hillary Clinton’s Wall Street fundraising.
Now, every time Hillary Clinton receives a another contribution from any entity or employee of a Wall Street bank, Trump will be able to attack her on the right and the left for selling out main street citizens to Wall Street interests.
As Bryce Covert of Think Progress noted at the time, Glass-Steagall repeal was bizarrely out of place in the GOP platform:
The document dedicates an entire section to disparaging Dodd-Frank. And it specifically calls for either abolishing or restricting the Consumer Financial Protection Bureau (CFPB), the agency tasked with regulating predatory products used by everyday consumers, and changing the way Too Big To Fail banks are dealt with in a crisis.And now he's announcing a boilerplate GOP regulatory freeze, which renders this outlier progressive pledge null and void. So sorry about that little deception, anti-elitists.
In fact, the mention of reinstating Glass-Steagall comes buried in a different section titled “Regulation: The Quiet Tyranny,” just after a sentence stating, “The Dodd-Frank law, the Democrats’ legislative Godzilla, is crushing small and community banks and other lenders.”
This all comports with what’s been said by the party’s leader, presidential candidate Donald Trump. While he was lauded for the populism of saying that he would go after “hedge fund guys” in his tax plan and has attacked rival Hillary Clinton for being “totally controlled by Wall Street,” his actions have spoken differently. His tax plan ended up being skewed almost entirely to the rich. Meanwhile, he has promised to undo Dodd-Frank, saying his plan will be “close to a dismantling.”