This morning, the State Convention of the New Jersey AFL-CIO voted up a resolution of support for the Glass-Steagall bill which has been introduced into the House of Representatives by Rep. Marcy Kaptur (D-OH), H.R. 1489. The full body, by a unanimous voice vote, approved the following resolution, which had been voted by its Executive Board the day before, June 13.
This action represents a powerful addition to the national mobilization underway to re-enact Glass-Steagall in the very short term, as the only means of adequately addressing the disastrous state of the U.S. economy, and the threat of a imminent total systemic financial breakdown crisis.
It should be noted that the New Jersey resolution includes a statement that the national AFL-CIO supports the Kaptur legislation.
The full text of the New Jersey State AFL-CIO Executive Board Resolution follows:
Resolution in Support H.R. 1489, "The Return to Prudent Banking 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 (known as Glass-Steagall) protected the public interest in matters dealing with the regulation of commercial and investment banking in addition to insurance companies and securities firms; and
Whereas, the Glass-Steagall Act was repealed in 1999, permitting the financial industry to exploit the system for their own gain in disregard of the public interest; and
Whereas, the House of Representatigves and the Senate have been making efforts to restore the protections in the Glass-Steagall Act; and
Whereas, Congresswoman Marcy Kaptur has introduced H.R. 1489 known as the "Return to Prudent Banking Act" and re-installing Glass-Steagall; and
Whereas, the national AFL-CIO supports this legislation:
Now Therefore Be It Resolved, that the Executive Board of the New Jersey State AFL-CIO supports the enactment of H.R. 1489 and urges members of the New Jersey Congressional Delegation in the House of Representatives and in the Senate to cosponsor and vote for this bill which will restore the protections of the Glass-Steagall Act; and
Be It Finally Resolved that a copy of this resolution be sent to the New Jersey Congressional Delegation and congresswoman Marcy Kaptur.