President Donald Trump told community bankers the Dodd-Frank law is “out of control,” said in an interview he is open to raising the federal gasoline tax under one condition and wondered aloud why the Civil War wasn’t “worked out.”
TRUMP SAYS JACKSON COULD’VE AVERTED THE CIVIL WAR
In an interview with Sirius XM, Trump said former President Andrew Jackson could have averted the Civil War if he had been “a little later.” The statement raised eyebrows around social media since Jackson died before the start of the conflict. “Why was there the Civil War?” Trump asked. “Why could that one not have been worked out?”
Read: Trump asks why the Civil War couldn’t have been ‘worked out.’
HIKING GAS TAX COULD BE OK — UNDER THIS CONDITION, TRUMP SAYS
Trump told Bloomberg that he is open to hiking the federal tax on gasoline if the money raised is directed “toward the highways.” He also told Bloomberg that “everything is a starting point,” concerning his proposal to cut taxes. White House press secretary Sean Spicer later told reporters Trump wasn’t endorsing a gasoline tax but is considering it out of respect for a trucking-industry group.
BANK BREAK-UP BEING LOOKED AT
Bank stocks briefly fell and then recovered after Trump told Bloomberg in the same interview that he is “looking at” a breakup of giant Wall Street banks. Asked about the comment at the daily briefing, Spicer said Trump is looking at a “21st century version of Glass-Steagall,” the law that mandated the separation of consumer and investment banking.
DODD-FRANK SLAMMED AT COMMUNITY BANKERS’ MEETING
Keeping up a long-running line of attack, Trump ripped the Dodd-Frank law in brief remarks to the Independent Community Bankers of America. “It’s out of control,” Trump said. “And by the way, not only for community banks — for banks, period.”
Also read: Why Paul Volcker fears Trump’s push to roll back Dodd-Frank.