Reinstate Glass-Steagall now

Posted on June 4th, 2011 Dan

This is one of the key steps toward fixing our fraudulent banking system. Since the 1930s, Glass-Steagall protected our savings and retirement accounts from being invested in speculative high-risk markets like sub-prime mortgages and derivatives.  When the Clinton Administration and the banker lobbyists got rid of it in the ’90s, that opened the gates of hell and now the fraudsters are multiplying their wealth out of control thru fractional lending and bailouts.

This is an exciting opportunity for us to take back some control over our economy.  Please support this bill any way you can.

Current List of Congressional Signers to HR1489 from LaRouche PAC

May 16, 2011 • 12:46 PM

**June 2nd Update: Two more senior members of the U.S. House, one a Republican and the other a Democrat signed on as cosponsors to reinstitute Glass-Steagall. Their addition brings the total to 13 cosponsors, plus Kaptur.

**June 2nd Update: Two more senior members of the U.S. House of Representatives, one a Republican, Rep. Roscoe Bartlett (R-MD), and the other a Democrat, Rep. Danny Davis (D-IL), on May 31 signed on as cosponsors to Rep. Marcy Kaptur’s bill to reinstitute Glass-Steagall, H.R. 1489. Their addition brings the total to 13 cosponsors, plus Kaptur. A current list of all the co-sponsors is immediately below:

Current Co-Sponsors:

  • Rep Slaughter, Louise McIntosh (D-NY)
  • Rep Towns, Edolphus (D-NY)
  • Jim McDermott (D-WASH)
  • Lynn Woolsey (D-CALIF)
  • Reps. James Moran (D-VA)
  • John Conyers (D-MICH)
  • Jesse Jackson Jr. (D-ILL)
  • Walter Jones (R-NC)
  • (init.) Marcy Kaptur (D – Ohio)
  • Maxine Waters (D-CA)
  • Marcia Fudge (D-OH)
  • Kurt Schrader (D-OR)
  • Roscoe Bartlett (R-MD)
  • Danny Davis (D-IL)

Institutional Support:

  • January 2011 — The Louisiana State Board of the National Association of Realtors passed a resolution calling for the reinstatement of Glass-Steagall, and demanding that the National Association of Realtors do the same.
  • March 2011 — The National Farmers Union, at its March 13-15 National Convention in San Antonio, reaffirmed its spring 2010 call for the immediate reinstatement of Glass-Steagall.
  • May 2011 — The International Association of Machinists, one of the largest unions in America, put the reinstatement of Glass-Steagall, specifically H.R. 1489, as a priority for their legislative agenda.
  • May 9, 2011 — The Columbia Pacific Building Trades Council unanimously endorsed LPAC’s resolution for Glass-Steagall.
  • May 11, 2011 — The Northwest Oregon Labor Council unanimously endorsed LPAC’s resolution for Glass-Steagall.
  • May 12, 2011 — The Democratic Party of Multnomah County, Oregon–the country in which the state’s largest city, Portland, is located–passed a resolution calling for the immediate reinstatement of Glass-Steagall.

Legislative Support:

  • June 2010: The Borough Council of Lansford, Pa. and the Council of Morgan Township both passed resolutions demanding their Congressmen re-enact Glass-Steagall.
  • September 2010: The Port Jervis, New York City Council passed LPAC’s resolution for Glass-Steagall.
  • Fall 2010: Mansfield Township, New Jersey passed LPAC’s resolution for Glass-Steagall.
  • May 24, 2011: The city council of Irvington, NJ passed a Glass-Steagall resolution.

Resolutions Introduced:

  • February 11, 2011 — Kentucky State Senator Perry Clark (D) introduced a resolution calling on Congress to immediate reinstate Glass-Steagall.
  • March 17, 2011 — Missouri State Rep. Bert Atkins (D-St. Louis County) introduced HCR 49, a concurrent resolution calling for Congress to reinstate Glass-Steagall.
  • March 24, 2011 — Alabama Rep. Tom Jackson (D) introduced H.R. 190, a resolution urging Congress to reinstate Glass-Steagall.

Editorial Support:

  • The Fairbanks, Alaska Daily News Miner, in June 2010.
  • The Bangor, Maine Bangor Daily News in June 2010.
  • The Pittsburgh Tribune-Review, the flagship paper of Richard Mellon-Scaife, on November 22, 2010.

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