Iceland Introduces Glass-Steagall
August 3, 2012 • 2:58PM

In the wake of the LaRouchePAC mobilization for the U.S. Congress to pass Glass-Steagall legislation, Iceland has introduced Glass-Steagall legislation into the parliament. According to an article by Omar R. Valdimarsson, on Businessweek.com: "The Icelandic lawmaker who presented the motion, Alfheidur Ingadottir, says the best way to stop banks creating asset bubbles is to pass laws akin to the 1933 Glass-Steagall Act, which separated commercial and investment banking in the U.S. for more than six decades."

The article referenced the fact that Glass-Steagall has been gaining international traction, citing the recent case of the conversion of Sandy Weill, from the "shatterer of Glass-Steagall," to a leading advocate. LaRouchePAC has been the leading the international mobilization for Glass-Steagall, which mobilization has been echoed by a slew of international statements of endorsement, including a string of recent editorials.

The Businessweek article quotes the CEO of Straumur Investment Bank hf Petur Einarsson: “If commercial and investment banking aren’t separated now, we might have to wait a long while before such an opportunity presents itself again...”