Andrew Harnik / AP

In a private meeting Wednesday with Senate Banking Committee members, Gary Cohn, Trump's top economic advisor, said he generally favors breaking up big US banks, per Bloomberg. In other words, the former Goldman Sachs president supports a separation between firms that trade and underwrite securities and firms that issue loans.

Quick take: The Glass-Steagall Act, passed in the Depression-era and repealed in 1999, might be coming back. With Cohn not putting up a fight against reinstating the act, there is no one left in Trump's inner circle to prevent it, per the WSJ.

Why it matters: The repeal in 1999 allowed big Wall Street firms to overtake rivals and package up several financial services into one-stop-shops. And many Americans are still frustrated over the $700 billion bailout Americans paid for the banks in the aftermath of the 2008 financial crisis.

It's bipartisan... GOP and Democratic platforms both called for it to be reinstated in some form, and Trump called for the creation of a "21st century Glass-Steagall." But… Congress might be too entangled in current legislative issues like health care and tax reform to shift focus to this issue.

Go deeper

Bryan Walsh, author of Future
1 hour ago - Health

Rockefeller Foundation commits $1 billion for COVID-19 recovery

A health worker performs a COVID-19 test in New Delhi. Photo: Raj K Raj/Hindustan Times via Getty Images

The Rockefeller Foundation announced on Monday that it will allocate $1 billion over the next three years to address the pandemic and its aftermath.

Why it matters: The mishandled pandemic and the effects of climate change threaten to reverse global progress and push more than 100 million people into poverty around the world. Governments and big NGOs need to ensure that the COVID-19 recovery reaches everyone who needs it.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk — Mark Meadows: "We are not going to control the pandemic"
  2. Health: 13 states set single-day coronavirus case records last week — U.S. reports over 80,000 new cases for second consecutive day.
  3. World: Italy tightens restrictions Spain declares new state of emergency.
  4. Media: Fox News president and several hosts advised to quarantine after possible COVID-19 exposure

Fox News president and several hosts advised to quarantine in COVID-19 precaution

A political display is posted on the outside of the Fox News headquarters on 6th Avenue in New York City in July. Photo: Timothy A. Clary/AFP via Getty Images

Fox News President Jay Wallace and anchors Bret Baier and Martha MacCallum are among those recommended to get tested and quarantine after possible exposure to COVID-19, the New York Times first reported Sunday night.

The big picture: The Fox News contingent, which also included "The Five" show hosts Juan Williams and Dana Perino, were on a charter flight from Nashville to New York following Thursday's presidential debate with a person who later tested positive for the coronavirus.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Subscription failed
Thank you for subscribing!