Glass-Steagall was formally repealed in 1999 by the Gramm-Leach-Bliley Act (also referred to as the "City-Travelers Relief Act"), which created a new classification of 'Financial Holding Companies' with the power to underwrite and sell insurance and securities, perform commercial and investment banking functions, invest in and develop real-estate, and engage in other related activities.
This gave the speculative side of these new financial institutions unlimited access to the deposit base of the commercial banking side, turning bank deposits into fuel for the derivatives parasite. It was the derivatives bubble that blew up the system in 2008, bankrupted the US Banks, and has devastated most what remains of the productive capacity of the US Economy.
Restoring and enforcing Glass-Steagall will end the comingling of investment and commercial functions, protecting the commercial side of our banking system as a public trust, and cancelling all committments to honor speculative debts created by the 'investment' side of our banking system.
The term 'Glass-Steagall standard' refers both to the official Banking Act of 1933, which created a legal 'firewall' between commercial banking and speculative investmnet banking, and to its founding principles. Glass-Steagall was one of the single most important reforms initiated by FDR, designed to break the grip of the Anglo-American financiers, led by J.P. Morgan, over our nation's currency.
Marcy Kaptur's H.R. 1489 "Return to Prudent Banking Act" restores Glass-Steagall and is currently in committee now. Passing H.R. 1489 is one of our top priorities, and needs the organizing support to make sure it gets done. Call your Representative or Senator and tell them to Co-sponsor Marcy Kaptur's H.R. 1489.
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