washington white house economic adviser gary cohn say back bring back glass-steagall act depression-era law would revamp wall street bank split consumer-lending businesses investment arm national economic council director also former goldman sachs gs.n president express support lawmakers bank system firm would focus primarily trade underwrite securities issue loan big bank strongly oppose move would fundamentally overhaul business reinstate law repeal 1999 attract significant attention congress advocate white house party argue would provide critical safeguard prevent another financial crisis critics approach say lack nuance would prevent last financial meltdown fact cohn widely view one wall street will push position spook big bank representatives washington white house confirm cohn remark private meet lawmakers wednesday spokesperson say simply discuss president previously state position favor 21st century glass-steagall cohn 's remark first report bloomberg bloom.bg/2nzk5n1 trump administration indicate support return glass-steagall white house stick idea since include republican party platform presidential campaign treasury secretary steven mnuchin express interest modernize version law ask thursday large financial institutions begin worry glass-steagall become reality one industry representative say right now however legislation establish firewall face long odds current congress head house senate bank committees indicate support alternative approach efforts move glass-steagall legislation prior years garner little support new glass-steagall would require legislation simply priority issue congress write ian katz financial policy analyst research firm capital alpha partner note clients meet arrange senate bank committee chairman mike crapo cohn ask senator elizabeth warren glass-steagall cohn respond favorably note republican party platform support idea accord source familiar meet meet include lawmakers party staff bring back glass steagall would likely significant impact bank like jpmorgan chase co jpm.n bank america corp bac.n citigroup c.n large highly intertwine commercial lend investment bank operations say analysts would impact goldman sachs group inc gs.n morgan stanley ms.n less degree although would likely revert standalone investment bank shed deposit fund trump adviser wall street back u.s. bank breakup law