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The Glass-Steagall Act of 1933 was an unexpected and prominent part of the Democratic and Republican conventions this year, as both parties added a call to reinstate the law as part of their party platforms. But that will be easier said than done, considering that lawmakers from both sides of the aisle have shown little interest in the idea. Following is a look at how a Depression-era law found its way to Cleveland and Philadelphia.
Donald Trump's top aide had a surprise announcement on the same day that the Republican National Convention started in Cleveland the GOP presidential nominee wanted to add a call to return Glass-Steagall to the party's platform. "That would create barriers between what the big banks can do and avoid some of the crisis that led to 2008," said Paul Manafort, Trump's campaign manager. Manafort described it as an idea that Trump had raised during the campaign, but it came as a total shock to fellow Republicans and other political observers.