Tom Hoenig, a potential Trump candidate for a key banking regulation job, said Monday he supports reinstating a law that would effectively break up the largest financial institutions by separating their investment and commercial divisions.
Hoenig, currently vice chairman at the Federal Deposit Insurance Corp., told a conference organized by former Federal Reserve Chairman Paul Volcker that Congress’s 1999 dismantling of the 1933 Depression-era Glass-Steagall Act created a host of risks that led to the 2008 financial crisis.
