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 News of the GOP's call to reinstate the law, which was repealed in 1999, has made many on Wall Street unhappy.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.