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Glass-Steagall isn't coming back, expert says

One expert says Glass-Steagall is not coming back, despite politicians threatening to break up the banks.

"It's not happening. I've covered this industry for three decades," said Mike Mayo, research analyst and managing director at CLSA.

"Glass-Steagall is not coming back. It can help people get elected — and I'm not even talking about the merits, I'm just not sure how you would actually implement it," Mayo said during an interview on CNBC's "Power Lunch."

The Glass-Steagall Act, which separated commercial and investment banking, was repealed in 1999. Mayo argued that if anything, politicians have to work with the banks.

"I think that the regulatory pendulum has swung a little too far, and I think that politicians will realize if you want the U.S. economy to grow, you need the banks to help facilitate that growth," Mayo said.