The Republican Party's call for the restoration of Glass-Steagall is a "desperate lurch" that won't win over Bernie Sanders' supporters, a former deputy press secretary under President George W. Bush said Tuesday.
The Depression-era legislation, which was designed to prevent big bank "supermarkets," would essentially break up many of the large institutions. It was repealed in 1999, and its reinstatement is part of the 2016 GOP platform.
Tony Fratto, founding partner of consulting firm Hamilton Place Strategies, said the Trump campaign always had a belief it could absorb Sanders' voters. However, Fratto believes it is "pure fantasy" that Donald Trump will be able to capture those voters, even if he goes after Wall Street.
"They are not going to be there and so it's a silly distraction from what has become a silly distraction of a campaign," Fratto told "Power Lunch."