Saturday, April 13, 2013

Latest from LaRouche


Support[1] for HR129[2]

Congressional Co-Sponsors to HR-129 (By Date of Signing)
  1. Rep Kaptur, Marcy [OH-9] (introduced 1/3/2013)
  2. Rep Jones, Walter B., Jr. [NC-3] - 1/3/2013
  3. Rep Michaud, Michael H. [ME-2] - 1/14/2013
  4. Rep McGovern, James P. [MA-2] - 1/15/2013
  5. Rep Moran, James P. [VA-8] - 1/22/2013
  6. Rep Capuano, Michael E. [MA-7] - 1/22/2013
  7. Rep Norton, Eleanor Holmes [DC] - 1/22/2013
  8. Rep Welch, Peter [VT] - 1/23/2013
  9. Rep Doggett, Lloyd [TX-35] - 1/23/2013
  10. Rep Cicilline, David N. [RI-1] - 2/6/2013
  11. Rep Chu, Judy [CA-27] - 2/6/2013
  12. Rep Lipinski, Daniel [IL-3] - 2/6/2013
  13. Rep Miller, George [CA-11] - 2/6/2013
  14. Rep Peterson, Collin C. [MN-7] - 2/12/2013
  15. Rep Slaughter, Louise McIntosh [NY-25] - 2/13/2013
  16. Rep Davis, Susan A. [CA-53] - 2/13/2013
  17. Rep Cummings, Elijah E. [MD-7] - 2/25/2013
  18. Rep Sanchez, Loretta [CA-46] - 2/25/2013
  19. Rep DeFazio, Peter A. [OR-4] - 2/25/2013
  20. Rep McDermott, Jim [WA-7] - 2/25/2013
  21. Rep Tierney, John F. [MA-6] - 2/25/2013
  22. Rep Alexander, Rodney [LA-5] - 2/25/2013
  23. Rep Pingree, Chellie [ME-1] - 2/25/2013
  24. Rep Schakowsky, Janice D. [IL-9] - 2/26/2013
  25. Rep Green, Gene [TX-29] - 2/26/2013
  26. Rep Coffman, Mike [CO-6] - 2/26/2013
  27. Rep Conyers, John, Jr. [MI-13] - 2/28/2013
  28. Rep Brady, Robert A. [PA-1] - 2/28/2013
  29. Rep Christensen, Donna M. [VI] - 2/28/2013
  30. Rep Grayson, Alan [FL-9] - 3/4/2013
  31. Rep Payne, Donald M., Jr. [NJ-10] - 3/4/2013
  32. Rep Visclosky, Peter J. [IN-1] - 3/11/2013
  33. Rep Eshoo, Anna G. [CA-18] - 3/11/2013
  34. Rep Walz, Timothy J. [MN-1] - 3/11/2013
  35. Rep DeLauro, Rosa L. [CT-3] - 3/11/2013
  36. Rep Rangel, Charles B. [NY-13] - 3/11/2013
  37. Rep Johnson, Eddie Bernice [TX-30] - 3/11/2013
  38. Rep Edwards, Donna F. [MD-4] - 3/12/2013
  39. Rep Tonko, Paul [NY-20] - 3/12/2013
  40. Rep Thompson, Bennie G. [MS-2] - 3/15/2013
  41. Rep Lee, Barbara [CA-13] - 3/15/2013
  42. Rep Brownley, Julia [CA-26] - 3/25/2013
  43. Rep Blumenauer, Earl [OR-3] - 3/25/2013
  44. Rep Dingell, John D. [MI-12] - 3/25/2013
  45. Rep Ellison, Keith [MN-5] - 3/25/2013
  46. Rep Fudge, Marcia L. [OH-11] - 3/25/2013
  47. Rep Johnson, Henry C. "Hank," Jr. [GA-4] - 3/25/2013
  48. Rep Hastings, Alcee L. [FL-20] - 4/9/2013
  49. Rep Hahn, Janice [CA-44] - 4/9/2013
  50. Rep Markey, Edward J. [MA-5] - 4/9/2013
  51. Rep Yarmuth, John A. [KY-3] - 4/9/2013
  52. Rep Jackson Lee, Sheila [TX-18] - 4/9/2013
  53. Rep Doyle, Michael F. [PA-14] - 4/9/2013
Glass-Steagall on The Hill
Resolutions for Congressional Action introduced Into State Legislatures
  • January 2013 – Rhode Island | Senate Resolution S10 respectfully urging Congress to Enact "The Return to Prudent Banking Act"
  • January 2013 – Montana | House Joint Resolution 4 introduced by B. Harris - "Urging the US Congress to enact the Return to Prudent banking act." On Jan. 28 the Committee on Business and Education voted 15 to 5 to table the resolution. Plans are being made to get the bill un-tabled.
  • January 2013 – Virginia | Senate Joint Resolution 273, introduced January 9, 2013.
  • January 2013 – Kentucky | Kentucky Senate Concurrent Resolution SCR16 introduced January 2013 and referred to the Banking and Insurance Committee.
  • February 2013 - Pennsylvania | Pennsylvania House Resolution HR73 "urging the Congress of the United States to support efforts to reinstate the separation of commercial and investment banking functions in effect under the Glass-Steagall Act and supporting H.R. No. 129." The resolution was introduced by Rep. Mark Cohen, has 9 cosponsors and has been referred to the Commerce Committee.
  • February 2013 - Maryland | House Joint Resolution 3 was introduced for the "Reinstatement of the Separation of Commercial and Investment Banking Functions" with the bipartisan support of 15 Representatives.
  • February 2013 - South Dakota | Senate Concurrent Resolution 6 was introduced with 69 cosponsors representing a large majority of the 105 total legislators. The resolution requests that Congress "reinstate the separation of commercial and investment banking functions that were in effect under the Glass-Steagall Act".
    On Feb. 28 South Dakota became the first state in the nation to pass a resolution urging the U.S. Congress to reinstate Glass-Steagall. SCR 6 passed the State Senate on Feb. 26 by a vote of 19 to 16, and passed the House of Representatives on Feb. 28 by a decisive vote of 67 to 2. The resolution, as passed, will be delivered to the S.D. delegation in Congress.
  • February 2013 - West Virginia | House Resolution 15 was introduced with 32 cosponsors and "urges Congress to enact H. R. 129, the 'Return to Prudent Banking Act of 2013.'"
  • February 2013 - Alabama | House Joint Resolution 121 was introduced with the bipartisan support of 18 cosponsors and urges "Congress to support efforts to reinstate the separation of commercial and investment functions in effect under the Glass-Steagall Act."
  • March 2013 - Washington | Senate Joint Resolution 8009 was introduced by Senators Bob Hasegawa, Marilyn Chase, David Frockt and Adam Kline, asking that "Congress enact legislation that would reinstate the separation of commercial and investment banking functions that were in effect under the Glass-Steagall act." The resolution has been referred to Committee on Financial Institutions, Housing & Insurance.
  • March 2013 - Maine | A resolution for Glass-Steagall has been approved by the Legislative Council and will come to the floor within the coming weeks.
  • March 2013 - Rhode Island | Rhode Island State Representatives McLaughlin, Bennett, and Hull introduced a resolution into the House, H5840, strongly urging Congress "to reinstate the restrictions of the Banking Act of 1933, commonly referred to as the Glass-Steagall Act." This House resolution is identical to the Rhode Island Senate resolution already introduced in January.
  • March 2013 - Hawaii | Four Hawaiian State Representatives introduced House Concurrent Resolution 138 "requesting the United States Congress to take action regarding the separation of commercial and investment banking functions through the reinstatement of the Glass-Steagall Act of 1933 or similar legislation".
Institutional Support
  • The Greater Northwest Ohio AFL-CIO headquartered in Toledo passed a resolution in support of HR 129 on January 30th, 2013 and is forwarding the resolution to the Ohio Congressional delegation.
  • Point #2 of the Oregon Democratic Party's Legislative Agenda is the restoration of Glass-Steagall.
  • The National Farmers Union, representing farmers and ranchers in 32 states, reiterated support for re-instating the Glass-Steagall banking law, in its annual policy statement, released March 5, 2013 at the conclusion of its yearly convention.
Endorsements from Policy Makers & Notable Individuals
Sen. Maria Cantwell Reiterates Call for Glass-Steagall
" I'd certainly go back to Glass-Steagall and separate commercial and investment banking. And I would basically recapture resources from those banks and put it toward job training and education."
Thomas Hoenig, Federal Deposit Insurance Corp Board
“If we don’t make these changes, I think we’re destined to repeat the mistakes of the past,” Hoenig said. “When you mix commercial banking and high-risk broker-dealer activities, you increase the risk overall and as a result you invite new problems.”
Richard Fisher, President of the Dallas Federal Reserve
"Only the resulting downsized commercial banking operations — and not shadow banking affiliates or the parent company — would benefit from the safety net of federal deposit insurance and access to the Federal Reserve's discount window."
Liam Halligan, Chief Economist of Prosperity Capital Management in London
"This Glass-Steagall battle isn't over yet, on either side of the Atlantic. Not by a long chalk. We can only hope it doesn't take another crash to force our governments to see sense...."
Matthew Fink, Director Oppenheimer Mutual Funds, Director Retirement Income Industry Association
"The Glass-Steagall Act and other New Deal measures worked. For decades, the nation avoided lax regulation, excessive speculation, and financial crises."
Robert Reich, Berkeley professor, former US Secretary of Labor
"Also included in that bill -- in order to make sure our future isn't jeopardized by another meltdown of Wall Street -- would be a resurrection of Glass-Steagall and a limit on the size of the biggest banks."
Representative Collin Peterson (D-MN) regrets his vote to repeal Glass-Steagall
"The other vote I made that was really bad is eliminating Glass-Steagall. We should have never done that and I bought into that. You know, if we had Glass-Steagall back, this wouldn't be an issue here ... You're putting taxpayers on the hook."
Gordon H. Hoffner, vice president of the Union Bank of Beulah, ND; Former President of the Independent Community Banks of North Dakota
"Without the provisions of Glass-Steagall, there is nothing in our current regulatory framework that will bring this crisis under control. This is not a party-politics matter; it is a national security question."
International Glass-Steagall Developments

Congress is in Session; Call their offices and meet your Congressmen to Co-sponsor H.R. 129![1]   202-224-3121. Also call your state legislators and demand they introduce or co-sponsor a resolution calling for the U.S. Congress to pass H.R. 129!


Glass-Steagall Mobilization Sweeps Country

April 11th, 2013 • 9:13 AM
Memorials demanding that Congress reinstate FDR's Glass-Steagall law were introduced into Minnesota and North Carolina yesterday, as a broad-based mobilization for Glass-Steagall, led by LaRouche PAC, swept the country. These actions bring the number of states considering resolutions demanding that Congress re-enact HR 129, the Kaptur-Jones bill mandating Glass-Steagall banking separation, to 15.
The Minnesota resolution, HF 1744, sponsored by 4 Republicans and 2 Democrats, calls on Congress to "enact legislation to reinstall the separation of commercial and investment banking functions in effect under Glass-Steagall (in 1933)." It was assigned to the Commerce and Consumer Protection Finance and Policy committee.
The North Carolina resolution, H386, was sponsored by three Republicans and one Democrat, all of whom are on the Finance Committee. The resolution specifically mentions North Carolina congressman Walter Jones, who is a primary cosponsor of HR 129.
These state actions are expected to have an immediate impact on increasing the number of sponsors of HR 129 in the House, which now stands at 47, and on forcing through the introduction of a similar bill in the Senate.

Maine House of Representatives Passes Glass-Steagall Resolution

April 9th, 2013 • 10:59 AM
At 10:20 Tuesday morning, SP 465 "JOINT RESOLUTION MEMORIALIZING THE UNITED STATES CONGRESS TO REINSTITUTE THE GLASS-STEAGALL ACT" (which passed the Maine State Senate on April 4th), was brought to the floor of the House of Representatives of Maine, read and adopted without objection, thus passing both the House and the Senate by unanimous consent.
Meghan Rouillard reports on Maine passing a resolution demanding Congress act now to restore Glass-Steagall (HR129).
The State of Maine legislative website reports: "Actions for SP 465 -- 4/9/2013 House READ and ADOPTED. In concurrence. ORDERED SENT FORTHWITH."
The text of the resolution, sponsored by Senator John Patrick (D-Rumford), reads as follows:


WE, your Memorialists, the Members of the One Hundred and Twenty-sixth Legislature of the State of Maine now assembled in the First Regular Session, most respectfully present and petition the President of the United States and the United States Congress, as follows:
WHEREAS, an effective monetary and banking system is essential to the proper function of the economy; and
WHEREAS, an effective monetary and banking system must function in the public interest without bias; and
WHEREAS, the federal Banking Act of 1933, commonly referred to as the Glass-Steagall Act, protected the public interest in matters dealing with the regulation of commercial and investment banks, in addition to insurance companies and securities firms; and
WHEREAS, the Glass-Steagall Act was repealed in 1999, permitting members of the financial industry to exploit the financial system for their own gain in disregard of the public interest; and
WHEREAS, many financial industry entities were saved by the United States Treasury at a cost of billions of dollars to American taxpayers; and
WHEREAS, within the hundreds of pages of the Dodd-Frank Wall Street Reform and Consumer Protection Act there are no prohibitions that prevent "too big to fail" financial services organizations from investing in or undertaking substantial risks involving trillions of dollars of derivative contracts; and
WHEREAS, the American taxpayers continue to be at risk for the next round of bank failures, as enormous risks are undertaken by financial services organizations; and
WHEREAS, Congresswoman Marcy Kaptur has introduced H.R. 129, known as the Return to Prudent Banking Act of 2013, to reinstate the provisions of the Glass-Steagall Act, which has gained major bipartisan support; and
WHEREAS, the Glass-Steagall Act has widespread national support from organizations such as the American Federation of Labor and Congress of Industrial Organizations, the American Federation of Teachers and the International Association of Machinists, as well as from prominent economic and business leaders, many of the major and respected national newspapers and many others; now, therefore, be it
RESOLVED: That We, your Memorialists, respectfully urge and request that the President of the United States and the United States Congress enact legislation that would reinstate the separation of commercial and investment banking functions that was in effect under the Glass-Steagall Act, the Banking Act of 1933, to prohibit commercial banks and bank holding companies from investing in stocks, underwriting securities or investing in or acting as guarantors to derivative transactions, in order to prevent American taxpayers from being again called upon to bail out financial institutions; and be it further
RESOLVED: That suitable copies of this resolution, duly authenticated by the Secretary of State, be transmitted to the Honorable Barack H. Obama, President of the United States, the President of the Senate and the Speaker of the House of Representatives of the Congress of the United States, and to each Member of the Maine Congressional Delegation.
The official report on the legislative action from both chambers on this resolution is available on the Maine state legislative website:
This action by both houses of the Maine State Legislature now marks the second state house to pass the Glass-Steagall resolution through both houses. A dozen other states in the country have similar resolutions currently introduced, pending legislative action.




Representatives Collins, Setzer, R. Brawley, and R. Moore (Primary Sponsors).
For a complete list of Sponsors, refer to the North Carolina General Assembly Web Site.
Referred to:
Rules, Calendar, and Operations of the House.
April 11, 2013
A HOUSE RESOLUTION supporting efforts to reinstate the separation of commercial and investment banking functions in effect under the Glass-Steagall Act.
Whereas, an effective money and banking system is essential to the functioning of the economy; and
Whereas, such a system must function in the public interest without bias; and
Whereas, since 1933, the Federal Banking Act of 1933, known as the Glass-Steagall Act, protected the public interest in matters dealing with the regulation of commercial and investment banking, in addition to insurance companies and securities; and
Whereas, the Glass-Steagall Act was repealed in 1999, partially contributing to the greatest speculative bubble and worldwide recession since the Great Depression of 1933; and
Whereas, the worldwide recession has left millions of homes in foreclosure; and
Whereas, the worldwide recession has cost the loss of millions of jobs nationwide; and
Whereas, the worldwide recession has put severe financial strain on states, counties, and cities, exacerbating unemployment and loss of civil services; and
Whereas, the United States Senate and the House of Representatives have been making efforts to restore the protections of the Glass-Steagall Act; and
Whereas, Congresswoman Marcy Kaptur has introduced H.R. 129, known as the Return to Prudent Banking Act of 2013 and cosponsored by North Carolina Representative Walter Jones, that would revive the separation between commercial banking and the securities business in the manner provided in the Glass-Steagall Act; and
Whereas, restoration of the protections of the Glass-Steagall Act has widespread national support from several labor organizations, prominent economic and business leaders, newspapers, and many others; Now, therefore,
Be it resolved by the House of Representatives:
SECTION 1.  That the House of Representatives urges the United States Congress to enact legislation that would reinstate the separation of commercial and investment banking functions that were in effect under the Glass-Steagall Act and that would prohibit commercial banks and bank holding companies from investing in stocks, underwriting securities, or investing in or acting as guarantors to derivative transactions, in order  to prevent American taxpayers from being called upon to fund hundreds of billions of dollars to bail out financial institutions.
SECTION 2.  That the Principal Clerk send a certified copy of this resolution to the President of the United States, the Speaker of the U.S. House, and each member of North Carolina's Congressional delegation.
SECTION 3.  This resolution is effective upon adoption.

Congressional Progressive Caucus Press Conference Attacks Obama on Social Security Cuts

April 12th, 2013 • 11:39 AM

U.S. Representative Keith Ellison.

U.S. Senator Tom Harkin.
The Congressional Progressive Caucus held a press conference today on Capitol Hill with, reportedly, 25 of its approximately 71 Members, joined by U.S. Senators Bernie Sanders (I-VT) and Tom Harkin (D-IA), and AFL-CIO President Richard Trumka, to attack Obama for including the Chained CPI (Consumer Price Index) in his FY 2014 budget. Meanwhile, Obama met with chiefs of the two largest banks in the U.S., and will meet with more on April 12.
The speakers at the press conference included Congressional Progressive Caucus co-chairs Reps. Raul Grijalva (D-AZ) and Keith Ellison (D-MN), Reps. Jan Schakowsky (D-IL), John Conyers (D-MI), and Donna Edwards (D-MD), well as Sanders, Harkin, and Trumka.
"We have come together to here to express our collective opposition to a bad policy proposal — and that is the chained CPI," said Trumka, calling it "Some economist's fancy way of weakening one of Social Security's most important protections; namely, its cost of living increase — its annual COLA — that protects the purchasing power of benefits from inflation."
Sen. Sanders said, "I am deeply disappointed that the President's budget would make significant cuts in Social Security and veterans' benefits, and raise taxes on low- and middle-income Americans."
"Do not be distracted by the technicalities of chained CPI. We are talking about one thing: slashing Social Security benefits," said Harkin. "The President apparently believes that by proposing this cut to Social Security, he will get the ball rolling on budget negotiations. This is misguided. Cutting Social Security is a bad place to start, and a bad place to end... [W]e should be targeting the nearly hundreds of billions in wasteful tax breaks for the wealthy."
Ellison, Grijalva, Schakowsky, Conyers, and Edwards attacked Obama's proposal in similar language, with Rep. Edwards pointing out that these cuts would hurt 56 million of the U.S.'s population of 313 million. "These benefits are created over a lifetime of hard work," Conyers pointed out.
There were more attacks on Obama today, including:
* Rep. Alan Grayson (D-FL), who warned that Obama's budget "could end up dragging down the entire party." On a press conference call hosted by the Progressive Change Campaign yesterday, Grayson said, "You may recall that I lost my election two years ago, and 62 other members of the House who were Democrats lost their elections two years ago, because the Republicans took a shot at convincing the public that Obamacare was in fact a cut in Medicare, Now, in essence, what is happening is that the President is potentially handing the Republicans the same weapon to use against us in 2014... I'm pretty sure the President's [polling] numbers are going to move down. What I am hoping to see is that the Democratic numbers don't move down in concert with what I expect to see with the President's numbers."
Today's NY Times reported, as Grayson predicted, that House Republican Campaign Committee chair, Rep. Greg Walden (R-OR), called Obama's budget "a shocking attack on seniors" on CNN.
* Politico, The Boston Globe, and others cover Sen. Elizabeth Warren's mass email, which said that she was "shocked" by Obama's proposal to recalculate the cost of living adjustment for Social Security beneficiaries: "In short, 'chained CPI' is just a fancy way to say cut benefits for seniors, the permanently disabled, and orphans. Two-thirds of seniors rely on Social Security for most of their income; one-third rely on it for at least 90% of their income. These people aren't stashing their Social Security checks in the Cayman Islands and buying vacation homes in Aruba — they are hanging on by their fingernails to their place in the middle class."
Meanwhile, Nerobama spent yesterday dining with 12 Republican Senators to push his chained CPI proposal and other budget cuts. Today, he met with the chairmen of the world's biggest banks, Lloyd Blankfein of Goldman Sachs and Jamie Dimon of JPMChase, and will meet Brian Moynihan, head of Bank of America, and others, tomorrow.

Bill Against Biofuels, To Save Food and Farming, Filed in Congress, Backed by 40 Organizations

April 12th, 2013 • 11:18 AM
UN/Stuart Price.
Twelve million people in the Horn of Africa are at risk of dying from a combination of famine and disease. But the crisis is man-made and could have been prevented. It is still not too late to save millions of lives. Here, a Somali woman hands her severely malnourished child to a medical officer of the African Union Mission in Somalia (AMISOM), Mogadishu, July 15, 2011. See "Horn of Africa Food Crisis: An Avoidable Crime Against Humanity"
A bill to curb biofuels, because of the U.S. food and farm crisis, the false claims for bio-energy, and the intransigence of the Obama Administration, was filed this week in the House of Representatives by a bipartisan foursome of Jim Costa (D-California), Peter Welch (D-Vermont), Bob Goodlatte (R-Virginia) and Steve Womack (R-Arkansas). They were joined by additional Congressmen at a press conference April 10 at the Capitol.
Particularly notable was the statement by Rep. David Valadao (R-Calif), a dairy farmer, who diverted from his written text to say that using food for fuel was "taking food out of the mouths" of those people who don't have enough to eat. He noted not only how much the high grain prices were hurting farm producers (103 of California's 1,600 remaining dairy farms went bankrupt last year), but that they hurt eaters, and that 21% of the people in his district are living in poverty!
The new bill is called "RFS Reform Act." The initiating co-sponsors released a statement yesterday, which stated, "The RFS Reform Act will eliminate corn-based ethanol requirements, cap the amount of ethanol that can be blended into conventional gasoline at 10 percent, and require the EPA to set cellulosic biofuels levels at production levels." Rep. Goodlatte, a former House Agriculture Committee Chairman (2003-2007) and Vice-Chairman (2011-2012), also introduced the "RFS Elimination Act," which, he said yesterday, is to "give relief to livestock and food producers as well as consumers..." by restoring a "free market" instead of Federally-backed biofuels.
A newspaper website from Al Gore’s home state of Tennessee ran this apt cartoon, which shows how Gore is viewed. See "To Defeat Famine, Kill the WTO"
The "RFS Reform Act" and the "RFS Elimination Act" will be referred to the House Energy and Commerce Committee, at which a hearing is expected soon.
Rep. Costa said at the press conference, "The debate is over; the Renewable Fuel Standard as we know it is not sustainable. I have heard just this week from Foster Farms, poultry producers in my district [San Joaquin Valley], that their price of doing business has jumped by over $250 million annually in the last 5 years because of skyrocketing corn prices. Putting food into our fuel tanks is hurting dairymen and -women, livestock producers, consumers, and businesses across the nation. We can't afford this. It's time for real, wholesale change."
This legislative initiative comes after the Obama Administration, over the last eight months, has snubbed an unprecedented wave of appeals from nine state governors and dozens of farm and food associations, to lift the Federal corn-for-ethanol mandate.
The 40 organizations backing the new bill included all the major farm commodity and food processing associations, as well as many others. Among them are, the Milk Producers Council, the National Cattlemen's Beef Association, the National Chicken Council, the American Meat Institute, and the National Turkey Federation.

Cyprus Template: Bail-In vs FDR

March 27, 2013 • 6:34PM
To view this video please go to
Dennis Mason sits down with EIR's Paul Gallagher to discuss the differences in approach under FDR, versus the bail-in crime of today.  


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