Click here for marching orders to restore Glass-Steagall.
The number of Congressional sponsors for H.R. 129, the "Return to Prudent Banking Act" to reinstate Glass-Steagall, now totals 63 with two new signers joining on May 13, 2013. The new cosponsors are Rep. Frederica Wilson (D-FL) and Tim Ryan (D-OH).
The support for Glass-Steagall continues to grow, both in Congress and nationwide, as the number of state legislatures with resolutions demanding Glass-Steagall continues to increase. Currently, 18 states have resolutions introduced. Out of those 18 states considering resolutions, four have voted on and passed those resolutions. In February, the South Dakota resolution passed both the Senate and the House with a large majority of 67-2 in the House. By April 9th, Maine had passed a resolution by unanimous vote through both houses. On April 11th, the Indiana House passed a resolution with a large majority. And on April 30th, the Alabama House became the most recent state legislative body to pass the resolution.
The 18 states in which resolutions have been introduced or passed are Louisiana, Alabama, Colorado, Hawaii, Indiana, Kentucky, Maine, Maryland, Minnesota, Mississippi, Montana, North Carolina, Pennsylvania, Rhode Island, South Dakota, Virginia, Washington and West Virginia.
Congressional Cosponsors to HR-129 (By Date of Signing)
- Marcy Kaptur (D-OH)
- Walter Jones (R-NC)
- Michael Michaud (D-ME)
- James McGovern (D-MA)
- James Moran (D-VA)
- Michael Capuano (D-MA)
- Eleanor Holmes Norton (D-DC)
- Peter Welch (D-VT)
- Lloyd Doggett (D-TX)
- David Cicilline (D-RI)
- Judy Chu (D-CA)
- Daniel Lipinski (D-IL)
- George Miller (D-CA)
- Collin Peterson (D-MN)
- Susan Davis (D-CA)
- Louise Slaughter (D-NY)
- Elijah Cummings (D-MD)
- Loretta Sanchez (D-CA)
- Peter DeFazio (D-OR)
- Jim McDermott (D-WA)
- John Tierney (D-MA)
- Rodney Alexander (R-LA)
- Chellie Pingree (D-ME)
- Janice Schakowsky (D-IL)
- Gene Green (D-TX)
- Mike Coffman (R-CO)
- John Conyers (D-MI)
- Robert Brady (D-PA)
- Donna Christensen (D-VI)
- Alan Grayson (D-FL)
- Donald Payne Jr. (D-NJ)
- Peter Visclosky (D-IN)
- Anna Eshoo (D-CA)
- Timothy Walz (D-MN)
- Rosa DeLauro (D-CT)
- Charles Rangel (D-NY)
- Eddie Bernice Johnson (D-TX)
- Paul Tonko (D-NY)
- Donna Edwards (D-MD)
- Bennie Thompson (D-MS)
- Barbara Lee (D-CA)
- Julia Brownley (D-CA)
- Earl Blumenauer (D-OR)
- John Dingell (D-MI)
- Keith Ellison (D-MN)
- Marcia Fudge (D-OH)
- Hank Johnson (D-GA)
- Michael Doyle (D-PA)
- Janice Hahn (D-CA)
- Alcee Hastings (D-FL)
- Sheila Jackson Lee (D-TX)
- Edward Markey (D-MA)
- John Yarmuth (D-KY)
- Jackie Speier (D-CA)
- Grace Napolitano (D-CA)
- Danny Davis (D-IL)
- Tulsi Gabbard (D-HI)
- Kyrsten Sinema (D-AZ)
- John Garamendi (D-CA)
- Zoe Lofgren (D-CA)
- Eni Faleomavaega (D-AS)
- Frederica Wilson (D-FL)
- Tim Ryan (D-OH)
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 and House Joint Resolution 600, both 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, and now has 30 cosponsors. The resolution 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."
On April 30, the Alabama House of Representatives became the fourth state legislative body to adopt the resolution urging Congress to restore Glass-Steagall.
- 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 | On April 4th Senate Paper 465 to reinstate Glass-Steagall was read and adopted in the Senate and on April 9th it was read and adopted without objection in the House.
- 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 | 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" was introduced by the Chair of the Consumer Protection and Commerce Committee, and co-sponsored by four representatives.
- 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.
- 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 in the U.S.
- 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."
- 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."
- 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.
Endorsements from Policy Makers & Notable Individuals Abroad
- Prof. Julio C. González, Former Secretary of State of the Argentine Republic (Legal and Technical Secretary of the Presidency,
1973-1976). He was formerly Professor of the University of Buenos Aires (1965-1966); and since 1989, is Professor at the University of Lomas de Amora
- 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."
- Chairman of Special Commission of the Italian Chamber of Deputies appeal to the U.S. Congress. "We in the Italian Parliament have been closely following the debate about banking separation in the U.S., since the future of our nation and of Europe depends on it as well."
- City Councilwoman from Viersen, Germany issues urgent appeal to Representatives and Senators of the U.S. Congress
- 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...."
- Representative to the Chamber of Deputies for Bogotá Congress of the Republic of Colombia issues urgent appeal to U.S. Congress
- Former French Presidential Candidate Jacques Cheminade issues a personal letter to Senator Elizabeth Warren (MA) to introduce Glass-Stegall legislation into the U.S. Senate.
- Dr. Hector Claudio Salvi, former Governor, Santa Fe province, Argentina; coordinator of the Great National Waterway Project; lawyer, author
"Please, members of the U.S. Congress, it is urgent that you pass the proposed law to restore Glass-Steagall which, in my judgment, will represent the beginning of the wished-for moral and material recovery of our nations."
- Hon. Davide Carlo Caparini, Member of Italian Parliament
"I would like to congratulate you on your bill H.R. 129 to reinstate Glass-Steagall in the United States. We in the Italian Parliament have been closely following the debate about banking separation in the U.S., since the future of our nation and of Europe depends on it as well."
- Claudio Morganti, Member of Italian Parliament
The "simplest" solution would be "to go back to a clear separation between commercial and investment banks, on the model of the American Glass-Steagall Act, whose abolition has provoked a spiral of international financial crises."
- Stephen J. Lewis, Veteran City of London Fund Adviser
"The reintroduction of bank regulation along the lines of the Glass-Steagall Act would materially strengthen the US financial system. It would ensure that the banks' essential function of providing credit to support productive activity was insulated from the risks that arise from speculative financial activities."
- A list of 14 Mexican Professors, Economists, former Senators, Music Teachers and Scientists issue a statement condemning the policy of QE and judicial immunity of drug money laundering banks such as HSBC and Wells Fargo and put their support behind the immediate reinstatement of the original 1933 Glass-Steagall Act.
- Over 250 French mayors and economists call for a "Global Glass-Steagall," here issuing a call specifically to members of the U.S. House of Representatives and the U.S. Senate. A link to the action page in French can be found here.
- Franco-Syrian Professor Bassam Tahhan issues a personal appeal to the U.S. Congress, urging them to look at the economic warfare throughout the planet, pushed by a "bankrupt financial oligarchy" and resolves that the only way to stop the killer austerity is to eliminate the power financial institutions have by reenacting Glass-Steagall.
- The Chairwomen and Men of Four Italian Movements which have together founded the Comitato di Liberazione Nazionale issue their full support to U.S. Representatives Marcy Kaptur (D-OH) and Walter Jones (R-NC).
- Former Member of the Icelandic Parliament Althingi for the Reykjavik South Constituency issues an appeal to select members of the U.S. House and Senate to introduce and pass Glass-Steagall.
- Chairman of the Swedish European Labor Party issues an appeal to the U.S. Congress to pass Glass-Steagall.
- Australia's Citizen's Electoral Council issues urgent call for the U.S. Congress to reinstate Glass-Steagall.
- 12 French mayors issue a personal appeal addressed to their colleagues in the United States.
- Spanish Author/Journalist Fdo. Josep Manuel Novoa Novoa urges the U.S. Congress to reinstate Glass-Steagall as a means to get credit flowing back into a suffering Spain.
- Mexican Scientist and Writer Omar Pensado Diaz issues urgent appeal to U.S. Congress
- Former President of the Danish Wheat Growers urges select members of congress to immediately reinstate Glass-Steagall.
- 5 Spanish Professors issue support for Rep. Kaptur and Rep. Jones' initiative to reinstate FDR's Glass-Steagall Act.
- Philippines "Save the Nation" Movement calls for Glass Steagall, to "save the US and the world""
International Glass-Steagall Developments
- On March 22, 2013 a Glass-Steagall Bill was introduced into the Lower House of the Italian Parliament. The signers are Deputies Caparini, Pini, Fava, Molteni, Fedriga, Bragantini and Grimoldi of the Lega Nord party. In early May 2013, Italian member of Parliament Deputy Davide Caparini sent a letter of support to the congressional sponsors of HR 129.
- Icelandic Parliamentary Committee Unanimously Passes Bank Separation Motion
- "Europe's 500," an association of new European firms and "growth companies" issued a release on March 24 in which it calls for Glass-Steagall bank separation.
Find Your Rep
Don't know who your Congresspeople are? Just enter your ZIP and get a list of the ones in your area.