Glass-Steagall is the indispensable first step to global economic recovery. It will immediately halt the onset of hyperinflation, remove government commitment from bailing out toxic debts, end too-big-to-fail banks, and force a separation of commercial banking functions from investment banking functions.
Legislation to restore Glass-Steagall, “The Return to Prudent Banking Act of 2011”, was introduced into the 112th Congress and garnered massive institutional support and 84 cosponsors in the House of Representatives.
On January 3rd, 2013 “The Return to Prudent Banking” Act was re-introduced by Rep. Marcy Kaptur (D-OH) in the 113th Congress as H.R. 129. And on May 16, 2013 a matching bill was introduced into the Senate by Sen. Tom Harkin (D-IA) as S. 985.
Congressmen John Tierney (D-MA) and Walter Jones, (R-NC) introduced legislation today to restore Glass-Steagall banking separation. Their bill, HR 3711, is the second introduced into the house of Representatives, the other being Marcy Kaptur's H.R. 129, and there are two bills for Glass-Steagall now in the U.S. Senate.
The so-called Volcker Rules announced yesterday and approved by the five Federal regulatory agencies have already triggered a firestorm...
In a manic burst of activity to try to stop the increased momentum for restoration of Franklin Roosevelt's Glass-Steagall protections...
Spanish speakers worldwide are given a taste of the fight between Glass-Steagall supporters and Wall Street's lobby during last week's National Conference of State Legislatures in Washington, D.C., in a news clip filed Monday by HispanTV's Washington correspondent, Alfredo Miranda.
An impassioned call for the implementation of Glass Steagall in Greece, Europe and the United States was delivered by a major opposition leader in an address before the Greek Parliament. This call was made on 8 December by Mr.
Judge Steven Rhodes’s Detroit bankruptcy ruling last week to commit genocide against retirees on behalf of Wall Street, signaled that the banking vultures are preparing to go after pensions around the country, even in those many states whose constitutions theoretically safeguard pensions.
The urgency for passage of a Glass-Steagall law could not be clearer.
A long debate on the Glass-Steagall Act in the House of Lords Nov. 26-27 saw the U.K.'s Cameron government battling on behalf of City of London banks, to avoid the prospect that Glass-Steagall bank separation be set up as the near-term successor to Britain's so-called "ring-fencing" bank policy.
The recent visit of Independent Hellens leader Panos Kammenos to Washington, D.C. to lobby for Glass Steagall has begun to receive coverage in the Greek media.
On Dec. 3, a conference titled "To Die for the Euro?" took place at the European Parliament in Brussels, organized by Italian members of the ELD (Liberal Democrats) faction, Magdi Cristiano Allam and Marco Scurria. Nigel Farage had joined, but could not be present; a message was read by his press secretary Hermann Kelly.
Obama Administration sources have leaked to the Wall Street Journal that a "final" Volcker Rule may be promulgated during the week of Dec. 9. Treasury Secretary Lew made a triumphal, anti-Glass-Steagall speech Dec. 3 to the Pew Trust's Systemic Risk Council (Paul Volcker and Sheila Bair, co-chairmen), claiming that "too-big-to-fail has been ended."
Rep. Andrea Boland of Maine submitted the following Glass-Steagall resolution to the National Conference of State Legislatures (NCSL) for consideration at the December 2013 meeting.
RESOLUTION CONCERNING REGULATION OF COMMERCIAL AND INVESTMENT BANKING
Sponsor: Representative Andrea Boland
How It Works
Since 1999, banks have been allowed to use commercial deposits and assets as fuel for securities trading on the derivatives market.
Because commercial and speculative assets are so heavily comingled, the government is forced to protect the assets of banks making risky bets through near perpetual bailouts and purchasing of toxic debt.
It was the derivatives bubble that blew up the system and bankrupted the US banks in the 2007-2008 crash.
1. Commercial Banking institutions have one year to divest themselves of all non-commercial banking units, with no cross management or ownership between commercial and non-commercial units.
2. Commercial Banks are barred from using more than 2% of its capital for the creation, sale, or distribution of securities (certain bank-qualified securities are exempted)
3. Prevents Commercial Banks from loaning their commercial deposits into such vehicals as would support the creation and circulation of securities.
4. No securities of low or potentially low value can be placed by a bank into its insured commercial bank units.
* Adds provision stating Glass-Steagall is the preeminant regulator of the banks, limiting banks from putting its depositors and shareholders at risk.
Glass-Steagall forces separation of commercial from investment banks, it ends Too Big To Fail, bars government bailouts, and will stop the onset of hyperinflation.