Bill to Reinstate Glass-Steagall Reintroduced in 113th Congress
January 4, 2013 • 12:36PM

Reps. Marcy Kaptur (D-OH) and Walter B. Jones (R-NC) moved immediately within the opening hours of the 113th Congress, to reintroduce legislation to revive Franklin D. Roosevelt's Glass-Steagall act. The new bill, H.R. 129, is a reintroduction of Representative Kaptur's H.R. 1489, which ended the session with 84 cosponsors, but expired with the 112th Congress.

The official Library of Congress website on legislation (http://thomas.loc.gov) identifies the purpose of the bill thus: "To repeal certain provisions of the Gramm-Leach-Bliley Act and revive the separation between commercial banking and the securities business, in the manner provided in the Banking Act of 1933, the so-called 'Glass-Steagall Act', and for other purposes."

As of March 28, 2013, the bill to restore Glass-Steagall (HR 129) has accumulated a substantial list of cosponsors, currently totaling 46 cosponsors. That list is as follows:

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)

Join the fight to reinstate Glass-Steagall by calling your representatives today!

Over a dozen state legistlatures have also introduced resolutions in support of HR 129 to restore Glass-Steagall, with one state so far, South Dakota, having passed it with an overwhelming House vote of 67-2. The full list of states is Alabama, Hawaii, Kentucky, Maine, Maryland, Montana, Pennsylvania, Rhode Island, South Dakota, Virginia, Washington and West Virginia.

Glass-Steagall is the essential, immediate first step in rescuing the U.S. and global economy, from the catastrophes of hyperinflation and draconian austerity, to be immediately followed by the creation of a federal credit system linked to inaugurating major infrastructure projects such as the North American Water And Power Alliance (NAWAPA).