Ed Warren

In surprise, GOP looks to revive Depression-era banking law

The Republican Party has taken a page straight out of the campaign books of Bernie Sanders and Elizabeth Warren.

What? No, we're not kidding.

In the party's 2016 platform, the GOP advocates for reinstating the Glass-Steagall Act, a Depression-era law that regulated the U.S. banking industry until it was repealed in 1999. Bringing the law back would lead to the breakup of major U.S. banks like JPMorgan Chase in order to separate investment banking from commercial banking.

"It's a spectacular about-face by the Republican Party," said Aaron Klein, an economist and fellow at the Brookings Institution who has written about bank regulations.

In a party that...