The recently adopted Republican Party platform calls for the restoration of a Depression-era law that would lead to the breakup of large banks, and some financial industry associations have a problem with that.

One new addition to the GOP platform encourages lawmakers to bring back the Glass-Steagall Act, which prevents commercial banks from taking part in the investment business. The law was passed during the Great Depression in 1933 and repealed in 1999.

The GOP's sudden support for the law came at the urging of Republican presidential candidate Donald Trump, whose populist tone has alarmed many on Wall Street. In a statement, ABA CEO Rob Nichols said the Glass-Steagall Act would not have prevented the financial crisis that rocked the U.S. in 2008.

"Unlike in many parts of the world, America's banking industry is well poised to fuel strong economic growth and job creation," he said. "Policymakers should encourage that, instead of calling for a return to Depression-era regulation that would restrain banks' ability to drive our economy forward."

Jeremy Newell, general counsel for The Clearing House Association, also cautioned against overstating the impacts of the law in a blog post on the organization's website. He said that despite its repeal, many key provisions of the law remained in place. He also said that reinstating the law would require a dramatic restructuring of the banking industry.

"It is no accident that those advocating for a full return to Glass-Steagall's prohibitions spend little to no attention on the particulars of implementation," he said.

Restoration of the Glass-Steagall Act is not the only controversial item in the GOP platform. The document also calls for phasing out the federal transit program, which helps fund public transportation projects across the U.S. That provision brought a sharp rebuke from Richard White, acting CEO of the American Public Transportation Association.

"The public transportation industry is currently underfunded. Having no federal funds would be devastating, not only to the millions of Americans who use public transportation and to the employers who depend on it for their employees, but also for communities of all sizes that need it for a thriving economy and quality of life," he said in a statement.

Not all associations were disappointed with the platform. Consumer Technology Association CEO Gary Shapiro praised the document for recognizing the role of technology in driving economic growth. He urged the Trump campaign to follow suit by releasing a detailed tech policy agenda.

"Specifically, we are encouraged by the party's goal of creating a business climate that promotes innovation—allowing the sharing economy to compete in an open and competitive market, ensuring access to spectrum to meet our demand for anytime/anywhere connectivity and encouraging the innovation needed for the Internet of Things to thrive," Shapiro said.

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