Apr 6, 2017

Cohn supports breaking up big banks

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Quick take: The Glass-Steagall Act, passed in the Depression-era and repealed in 1999, might be coming back.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.

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George Zimmerman sues Buttigieg and Warren for $265M

George Zimmerman in Sanford, Florida, in November 2013. Photo: Joe Burbank-Pool/Getty Images

George Zimmerman filed a lawsuit in Polk County, Fla. seeking $265 million in damages from Democratic presidential candidates Pete Buttigieg and Elizabeth Warren, accusing them of defaming him to "garner votes in the black community."

Context: Neither the Massachusetts senator nor the former Southbend mayor tweeted his name in the Feb. 5 posts on what would've been the 25th birthday of Trayvon Martin, the unarmed black teen Zimmerman fatally shot in 2012. But Zimmerman alleges they "acted with actual malice" to defame him.

4 takeaways from the Nevada Democratic debate

Photo: Mario Tama/Getty Images

The relative civility of the last eight Democratic debates was thrown by the wayside Wednesday night, the first debate to feature the billionaire "boogeyman," Michael Bloomberg, whose massive advertising buys and polling surge have drawn the ire of the entire field.

The big picture: Pete Buttigieg captured the state of the race early on, noting that after Super Tuesday, the "two most polarizing figures on this stage" — Bloomberg and democratic socialist Bernie Sanders — could be the only ones left competing for the nomination. The rest of candidates fought to stop that momentum.

Klobuchar squares off with Buttigieg on immigration

Buttigieg and Klobuchar in Las Vegas on Feb. 19. Photo: Mario Tama/Getty Images

Former South Bend, Ind., Mayor Pete Buttigieg went after Sen. Amy Klobuchar on the debate stage Wednesday for voting to confirm Customs and Border Protection Commissioner Kevin McAleenan and voting in 2007 to make English the national language.

What she's saying: "I wish everyone was as perfect as you, Pete, but let me tell you what it's like to be in the arena. ... I did not one bit agree with these draconian policies to separate kids from their parents, and in my first 100 days, I would immediately change that."