While the Republican Party has made the return of Glass-Seagall part of its official platform, Donald Trump's national finance chairman, Steven Mnuchin, told CNBC on Wednesday the campaign hasn't decided yet if it will support the plan.
The Depression-era legislation, which was designed to prevent big bank "supermarkets," would essentially break up many of the large institutions. News of the GOP's call to reinstate the law, which was repealed in 1999, has made many on Wall Street unhappy.
"We're not taking a position on whether we support that or don't support it. We're saying a lot of things need to be looked at. We think Dodd-Frank needs to be looked at. Obviously there is an important concern of protecting depositors," Mnuchin said in an interview with "Power Lunch."
"All I'm saying like everything else, things will be looked at and we'll see what makes sense."
However, one thing is for sure — there is way too much regulation across too many industries, he said.
While Glass-Seagall is arguably more regulation, Mnuchin said the Trump campaign believes in "correct regulation" not overregulation.
Honored to be considered for Treasury secretary
Meanwhile, Mnuchin's name has recently been floated as Trump's pick for U.S. Treasury secretary. The Republican nominee has told prospective donors that, if elected, he plans to pick Mnuchin for the post, according to Fortune.
Mnuchin, who once worked for Goldman Sachs, said it was something that was mentioned Tuesday that the press picked up.
"Obviously no decisions have been made on any transition positions and I'm honored to even be considered for it," he said.
'Unfortunate distraction'
He also weighed in on the controversy surrounding Melania Trump's speech. A speechwriter for the campaign has taken the blame for the apparent plagiarism in Monday's address, which had similarities to the one first lady Michelle Obama gave in 2008.
Mnuchin called it an "unfortunate distraction" and dismissed any notion that the campaign is making amateur mistakes.
"What I think is look, this is a billion dollar start-up and if there's a few mistakes that the press is blowing out of proportion, that's not a big deal," he said.