Saturday, May 18, 2013

Latest from LaRouche

Bankster alert: Tom Harkin introduces Glass-Steagall bill in Senate

Top News  May 17, 2013  By:  Subscribe
BANK CURB: U.S. Sen. Tom Harkin wants to rein in speculation by banks by restoring the Glass-Steagall Act. Credits: U.S. Senate
WASHINGTON – The push to restore the Glass-Steagall banking act has returned to the U.S. Senate.
Sen. Tom Harkin on Thursday introduced S. 985, which would rebuild the wall that had once separated commercial banking from brokerage and investment speculation. The Iowa Democrat’s bill came on the 80th anniversary of the original 1933 Glass Steagall Act.
The text of S.985 was not posted on the Senate website as of Friday afternoon, but it is believed to resemble HR 129, introduced by Reps. Marcy Kaptur, D-Ohio, and Walter Jones, R-N.C. Their measure has 62 bipartisan sponsors in the House.
Meantime, 20 state legislatures are considering resolutions urging Congress to reinstate Glass-Steagall. Lawmakers in four states -- South Dakota, Maine, Indiana and Alabama – have passed such measures.
Harkin was one of eight senators to vote against financial deregulation that formally abolished Glass-Steagall in 1999.
The repeal, signed by President Bill Clinton in the waning days of his administration, cleared the way for Wall Street bankers to expand trading in bundled subprime mortgages, derivatives, collateralized debt obligations, credit default swaps and the like.
Inventing evermore exotic investment vehicles, the money movers pumped up a global financial bubble that burst in 2008.
Sen. Maria Cantwell, D-Wash., attempted to restore the banking law in 2010, but her efforts were blocked.
“The problem in the financial sector, as with so many areas of our economy, is that the ground rules and oversight have been lax,” Harkin said at the time.
“Too many in the financial industry put profits ahead of people. As a direct consequence, tens of millions of ordinary Americans have lost their jobs, their homes and their livelihoods.”
Lyndon LaRouche, an economist and former presidential candidate, applauded Harkin on Thursday.
“This is a new game. Despite all of the efforts to prevent this action, Sen. Harkin has taken the initiative,” LaRouche said.
 
 
 

Watch the Video: http://larouchepac.com/node/26630
Breaking Up is (NOT) Hard to Do
Lyrics by John Ascher 
Duop part 
...Come'a com'a down Wall street banks come down....
...Come'a com'a down Wall street banks come down.... 
breaking up is hard to do 
(Banker Sings)
Don't take bad debts away from me
Don't leave my balance sheet in misery
If, Quuuu Eeeee goes, Then I'll be through,
Cause breaking up is hard tooo doooo 
Remember when, No-docs, were right.
We screwed our clients, Shorted, everything in sight.
Taxpayer bailouts, trillions-came-through,
And Breaking up is hard to do
They say that breaking up is, Hard to do.
Now I know, I know that it's true.
Glass-Steeeeeagall, Would be the end.
Instead of breaking-up-I-wish that we could-do-Dodd-Frank-again
(Chorus responds)
Ben Ber-nan-ke, let's say good-bye
Don't give the Volcker rule, another try
Come on Congress, Drop Brown-Vitter too
Cause breaking up's not hard to do
(Repeat from They say that breaking up is hard to do; end with duop, with final words “Breaking up’s NOT hard to do.)
 
 
 

Illinois House of Representatives Introduces Glass Steagall Resolution[1]

Abraham Lincoln.
Lyndon H.LaRouche, Jr.

Bill Text: IL HR0354 | 2013-2014 | 98th General Assembly | Introduced

Illinois House Resolution 354


Bill Title: Urges Congress and the President to enact legislation that would reinstate the separation of commercial and investment banking functions in effect under the Glass-Steagall Act, prohibiting commercial banks and bank holding companies from investing in stocks, underwriting securities, or investing in or acting as guarantors to derivative transactions. [Track Bill]

Status: 2013-05-16 - Referred to Rules Committee [HR0354 Detail]

Download: Illinois-2013-HR0354-Introduced.html
HR0354 LRB098 12096 GRL 45901 r
 
1  
HOUSE RESOLUTION
2   WHEREAS, An effective money and banking system is essential
3   to the functioning of the economy; and
4   WHEREAS, Such a system must function in the public
5   interest, without any bias; and
6   WHEREAS, Since 1933, the Federal Banking Act of 1933, also
7   known as the Glass-Steagall Act, protected the public interest
8   in matters dealing with the regulation of commercial and
9   investment banking, in addition to insurance companies and
10   securities; and
11   WHEREAS, The Glass-Steagall Act was repealed in 1999,
12   partially contributing to the greatest speculative bubble and
13   worldwide recession since the Great Depression; and
14   WHEREAS, The worldwide recession has left millions of homes
15   in foreclosure; and
16   WHEREAS, The worldwide recession has caused the loss of
17   millions of jobs nationwide; and
18   WHEREAS, The recession has also put severe financial
19   strains on states, counties, and cities, exacerbating

    HR0354 - 2 - LRB098 12096 GRL 45901 r
 
1   unemployment and loss of civil services; and
2   WHEREAS, The United States Senate and the United States
3   House of Representatives have been making efforts to restore
4   the protections of the Glass-Steagall Act; and
5   WHEREAS, United States Representative Marcy Kaptur has
6   introduced H. Res. 129 (sic H.R. 129), known as the Return to
7   Prudent Banking Act of 2013, reviving the separation between
8   commercial banking and the securities business in the manner
9   provided in the Glass-Steagall Act; and
10   WHEREAS, The Glass-Steagall Act has widespread national
11   support from prominent economic and business leaders and
12   national publications, including Thomas Hoenig of the FDIC,
13   Sanford Weill, former CEO of Citigroup, economist Luigi
14   Zingales, the New York Times, the St. Louis Post-Dispatch, the
15   Los Angeles Times, and many others; and
16   WHEREAS, As of now, 16 states have filed resolutions
17   demanding immediate action on HR 129 to return to
18   Glass-Steagall; two of those states, Maine and South Dakota,
19   have passed those resolutions through both houses of their
20   legislatures; in the remaining states, legislative action is
21   still pending; and

    HR0354 - 3 - LRB098 12096 GRL 45901 r
 
1   WHEREAS, Overwhelming pressure must be brought to bear on
2   members of the U.S. House of Representatives to add their names
3   as co-sponsors to HR 129, the bill to restore Glass-Steagall,
4   as well as on members of the U.S. Senate, where, as of now, no
5   companion bill has yet been introduced; therefore, be it
6   RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
7   NINETY-EIGHTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
8   we urge Congress and the President to enact legislation that
9   would reinstate the separation of commercial and investment
10   banking functions in effect under the Glass-Steagall Act,
11   prohibiting commercial banks and bank holding companies from
12   investing in stocks, underwriting securities, or investing in
13   or acting as guarantors to derivative transactions, in order to
14   prevent American taxpayers from being called upon to fund
15   hundred of billions of dollars to bail out financial
16   institutions; and be it further
17   RESOLVED, That suitable copies of this resolution be
18   delivered to the President of the United States, the President
19   Pro Tempore of the United States Senate, the Speaker of the
20   United States House of Representatives, the members of the
21   Illinois congressional delegation, and United States
22   Representative Marcy Kaptur.
 
 
 

The 80th Anniversary of Glass-Steagall: The American Principle of Progress

Franklin Delano Roosevelt signs the Glass-Steagall Banking Act.
May 17th, 2013 • 2:06 PM
The following text is available as a leaflet on the Organize page. [1]

Thursday May 16, 2013 marks the 80th anniversary of the introduction of Franklin Roosevelt’s Glass-Steagall Act into Congress. The purpose of the bill was stated plainly in the preamble, which reads: “To provide for the safe and more effective use of the assets of banks, to regulate interbank control, to prevent the undue diversion of funds into speculative purposes, and for other purposes.” Yet the implications of the Act, as well as the success of the legislation for 66 years, was understood by Roosevelt not merely as a measure to curb Wall Street excesses, but rather a reflection of the principles of the American System of Economy. In the introduction to his second volume of private papers, Roosevelt stated explicitly
The New Deal was fundamentally intended as a modern expression of ideals set forth one hundred and fifty years ago in the Preamble of the Constitution of the United States—'a more perfect union, justice, domestic tranquility, the common defense, the general welfare and the blessings of liberty to ourselves and our posterity.’ But we were not to be content with merely hoping for these ideals. We were to use the instrumentalities and powers of Government actively to fight for them.”
Within the first 100 days of his first administration, FDR implemented Glass-Steagall, and with it the backbone of his New Deal. Roosevelt’s 1933 reorganization of the banks was not done for the banks per se, but was done to establish the institutional framework to provide credit to the real economy, which had suffered under 20 years of failed policies prior to his taking office. Under Glass-Steagall, the banks were made capable of supporting the New Deal policies, in particular FDR’s initial plan for “Credit Banks for Industry,” which evolved into the direct-lending credit facility of his administration’s Reconstruction Finance Corporation.
To restate the purpose of Glass-Steagall today, it is the means to end the tyranny of speculative financial institutions, and to once again allow commercial banks, the traditional drivers of productive lending to the real economy, to lend in their communities. As Quantitative Easing exceeded $2.5 trillion from 2008-2012, overall bank lending contracted by nearly $1 trillion. Over the course of the last decade 1,500 community banks have disappeared with 475 out of business since the passage of the 2010 Dodd-Frank Act, as regulatory burdens on those institutions increased tenfold during that same period. The purpose of Glass-Steagall, in the words of FDIC Vice Chairman, Thomas Hoenig, would “narrow the public safety net to the purpose for which it was intended... Commercial banks with the protection of the safety net would again be restricted from engaging in higher risk and return activities such as trading, creating derivatives, or other broker-dealer activities that do not need government protection to function effectively.” Exempt from that safety net would be the nearly $70 trillion shadow-banking “industry", unprotected, and subject to bankruptcy laws.
What is most important, however, is that Glass-Steagall will once again provide the United States, and other nations prepared to follow-suit, with “a modern expression” of the principles embedded in the American System of Economy, principles expressed most clearly under George Washington’s Treasury Secretary, Alexander Hamilton, Pres. John Quincy Adams, Pres. Abraham Lincoln, and Pres. Franklin D. Roosevelt. The greatest periods of prosperity, expansion, and growth in the U.S. economy have occurred when our financial institutions were utilized explicitly for the purposes of nation-building. In each case, the creation and regulation of the U.S. currency was strictly a reflection of growth in the real economy.
The present financial system, which counts speculative values, market values, and the multiplication of mere money values as wealth can be supplanted, as under Franklin Roosevelt, by the return to the American system of human productive values. Typical of this is the proposed North American Water and Power Alliance, NAWAPA XXI, [2] which would absorb inherently anti-inflationary new lending through a Glass-Steagall regulated, national banking system. Lending would go towards large scale water and power projects, high-speed transportation routes, leading to a revival of national industry. Such improvements of the territory of North America would go toward increasing U.S. food production, to attain long-term food and water security, as well as the creation of corridors of resource development throughout the continent. Under NAWAPA XXI, the increase of cement, steel and aluminum production, and related manufacturing in the U.S. would lead to at least 7 million long term productive jobs. Long term productive employment would not only provide the means, through internal taxes and duties, to make good on U.S. debts, but would also build a new generation of productive citizens.
Glass-Steagall, combined with a lending facility, in this case a new Bank of the United States, issuing direct loans, would make all of this possible. The U.S., as under the administration of Franklin Delano Roosevelt, would have credit in the present on the guarantee of those future physical improvements, and those increases in the per capita productivity of each member of society. The rate of progress from one generation to the next, and the subsequent increase in the rate of improvement of each generation underlies the American System of Economics today as 80 years ago.
The popular support for Glass-Steagall is increasing week by week. Since January 2013, 18 states have introduced resolutions calling on Congress to reinstate Glass-Steagall. As of this writing, 63 members of the House of Representatives have signed on to HR 129, the bill to reinstate Glass-Steagall. LaRouchePAC has received appeals from institutional figures or political bodies in over a dozen nations worldwide calling on the U.S. Congress to reinstate Glass-Steagall and pass HR 129. Yet the popular support is not what will ultimately lead to the restoration of the Roosevelt era policy. What is required is what Lyndon LaRouche discussed discussion on May 15th:
There is no value whatsoever in a monetary system. There may be value in the context of the system. The value of an economy lies in people, not money. It's the ability of people to increase the productive powers of labor, not measured in dollars, not measured in currency.
What is defined is the ability of mankind, through the creative powers of mankind, to increase the productive powers of labor in effect, per capita and per square kilometer. It is that action, which defines value. The only true economic value is that value, not the money value. You can use money, but you have to use money as a mere shadow of what is reality, which is the productive powers of labor.
Glass-Steagall simply means putting the banking and financial system back in accord with productive values. The dedication to ever increasing and improving on those productive values, will put the United States back on the course of the mastery of man over nature on Earth, and ultimately, mastery of the Solar System as a whole.
 
 
 

Support[1] for HR129[2]

U.S. 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
  54. Rep Speier, Jackie [CA-14] - 4/15/2013
  55. Rep Napolitano, Grace F. [CA-32] - 4/15/2013
  56. Rep Davis, Danny K. [IL-7] - 4/15/2013
  57. Rep Gabbard, Tulsi [HI-2] - 4/23/2013
  58. Rep Sinema, Kyrsten [AZ-9] - 4/23/2013
  59. Rep Garamendi, John [CA-3] - 4/30/2013
  60. Rep Faleomavaega, Eni F. H. [AS] - 4/30/2013
  61. Rep Lofgren, Zoe [CA-19] - 4/30/2013
  62. Rep Wilson, Frederica S. [FL-24] - 5/13/2013
  63. Rep Ryan, Tim [OH-13] - 5/13/2013
Glass-Steagall on The Hill
Resolutions for Congressional Action introduced Into State Legislatures

This map needs to be updated! The state legislatures of Illinois and Delaware have introduced resolutions.
  • 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".
  • April 2013 - Mississippi | House Resolution 165 was introduced with the support of State Representatives Banks, Calhoun, Evans (70th), Straughter, and Watson.
  • April 2013 - Minnesota | H.F. 1744 was introduced into the Minnesota House of Representatives "memorializing Congress to enact legislation that would reinstate the separation of commercial and investment banking functions under the Glass-Steagall Act". The bill was initiated by a Republican Representative and has a list of bi-partisan cosponsors. The bill has been referred to the Committee on Commerce and Consumer Protection Finance and Policy.
  • April 2013 - North Carolina | H.R. 836 was introduced into the General Assembly "supporting efforts to reinstate the separation of commercial and investment banking functions in effect under the Glass-Steagall Act". All four primary sponsors (three Republicans and one Democrat) are on the Finance Committee.
  • April 2013 - Indiana | H.R. 0086 was introduced and passed the same day, April 11th, "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 bi-partisan bill was authored by Representatives Klinker and Truitt.
  • April 2013 - Colorado | SJM13-002 was introduced into the Senate "Memorializing the United States Congress to enact legislation regarding the regulation of commercial and investment banks." The primary sponsor is Republican Senator Owen Hill. The seven cosponsors, Baumgardner, Brophy, Lambert, Lundberg, Marble, Harvey, and King, are all Republicans. The memorial has been referred to the State, Veterans, & Military Affairs Committee.
  • May 2013 - Louisiana | HCR 93 was introduced into the House "Memorializing congress relative to the reinstatement of the Glass-Steagall Act separating commercial and investment banking functions." The primary sponsor is Democratic Representative Katrina Jackson, along with four cosponsors, two Republicans and two Democrats: John C. Morris (Republican), Marcus L. Hunter (Democrat), Frank A. Hoffmann (Republican), and John F. "Andy" Anders (Democrat).
  • May 2013 - Minnesota | S.F No. 1666 was introduced into the State Senate with four co-sponsors, two Republicans and two Democrats, mirroring the bipartisan composition of the Minnesota House version of the resolution, introduced a month ago.
  • May 2013 - Illinois | H.R. 354 was introduced by three Democrats into the Illinois State Senate calling for Congress to enact Glass-Steagall banking separation.
  • May 2013 - Delaware | Senate Resolution 8 was introduced into the Delaware State Senate with ten cosponsors; six Democrats and four
    Republicans, including the Democratic Majority Whip.
-
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.
  • Secretary and past Chair of the Grays Harbor Democrats in Washington State, Patrick Wadsworth, called on the Washington congressional delegation to support Glass-Steagall, HR129.
  • Aden Blair, Business Manager and Financial Secretary of the Portland, OR Ironworkers Shopman’s Local 516 announced his support for Glass-Steagall and issued a call to the Oregon congressional delegation to pass HR 129.
-
Endorsements from Policy Makers & Notable Individuals
Ramsey Clark, former Attorney General of the United States
"I hereby add my name to endorse the passage of HR 129, to restore Glass-Steagall. HR 129, co-sponsored by Rep. Marcy Kaptur (D-OH), and Rep. Walter Jones (R-NC), is entitled: the 'Return to Prudent Banking Act.'"
John Burton, former U.S. Congressman, current Chairman of the California Democratic Party
In response to an email requesting his public support for H.R. 129 to reinstate Glass-Steagall, Burton responded "I have spoken out in support of such banking reforms and happily support it. " Burton also included the 2011 CA Democratic Party resolution to separate the banks.
David Stockman, former Director of Office of Management and Budget
"I do have a pretty pessimistic diagnosis, I agree -- but I do have some ideas that could be pursued at the end. And one of them I call super Glass-Steagall. And what that means is one, break up the big banks regardless. No bank should be more than 1 percent of GDP. That's $150 billion. That's big enough for a bank. There's no advantages beyond that. So the banks that are a trillion or 2 trillion today would be broken up."
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."
Ted Kaufman, former Senator
“We can address these problems by reimposing the kind of protections we had under Glass-Steagall... We need to rebuild the wall between the government-guaranteed part of the financial system and those financial entities that remain free to take on greater risk.”
Dr. Cornel West, professor, author, and activist
Has added his name as an endorser of H.R. 129 reinstate Glass-Steagall.
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."
Andrew Haldane, Bank of England Executive Director for Financial Stability; Financial Policy Committee member
"Contrast the legislative responses in the two largest financial crises of the past century--the Great Depression and the Great Recession. The Great Depression spawned the Glass-Steagall Act (1933)--perhaps the single most important piece of financial legislation of the 20th century. That ran to a mere 37 pages. More recently, the Great Recession has spawned the Dodd-Frank Act (2010). It runs to 848 pages or more than 20 Glass-Steagalls. Once completed, Dodd-Frank might run to 30,000 pages of rulemaking."
Quentin Kopp, former San Francisco Supervisor, State Senator, and Superior Court Judge
"I'm fiscally responsible and conservative, but I'm no friend of Wall Street. I abhor it. My creed is, bring back Glass-Steagall regulations and you'll take care of those banks."
Richard Belzer, author and actor Has added his name in support of H.R. 129, the bill to restore GlassSteagall bill.
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International Glass-Steagall Developments
Endorsements from Policy Makers & Notable Individuals Abroad

-

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!

 
 
 
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Posted by PTPadmin at 2:20 PM

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