Documented Support for Glass-Steagall
October 10, 2016 - Former Executive Director for Japan at the IMF and currently Research Director at the Canon Institute, Daisuke Kotegawa, gives an interview to LaRouchePAC, warning that because Glass-Steagall was not reenacted after the 2007-08 crisis, the same criminal bankers continue to wreck the transatlantic economy.
October 10, 2016 - The Board of Directors of the Kansas Cattlemen’s Association issued its support for reinstating the Glass-Steagall banking separation law that was repealed in 1999. The KCA Board reported that its 18th annual convention will be Oct. 28 and 29, and in giving the agenda of presentations, reported that, "KCA supports the passage of the 21st Century Glass-Steagall Act (S. 1709, H. Res. 3054)."
September 2016 - The American Banker publishes coverage of the Fed's call for downsizing the banks in its, "Fed Becomes Latest Cheerleader for Glass-Steagall-Like Reform."
July 2016 - AFL-CIO launches "Take on Wall Street" campaign. "The core tenants of this effort include making Wall Street pay its fair share of taxes by putting in place a Wall Street Speculation Tax. This would be a small tax on the trading of stocks, bonds and other Wall Street financial products that would discourage risky speculation and encourage long-term investment. Wall Street reform also must address the ongoing risks that too-big-to-fail banks pose to the economy. It is time to break up the too-big-to-fail banks and pass the 21st Century Glass–Steagall Act to separate federally insured commercial banking from risky Wall Street trading and speculative activities." See their full statement here.
July 2016 - The reinstatement of Glass-Steagall is featured in both party platforms, in the run up to the November 2016 presidential election.
May 13, 2016 - New York state Senator James Sanders Jr., along with 6 other New York state Senators, write a letter to Senators Chuck Schumer and Kristen Gilibrand, as well as 29 other New York Federal Representatives, urging them to reinestate the Glass-Steagall Act.
May 26, 2016 - After sending a letter to his Federal Representatives in Washington, D.C., New York state Senator James Sanders Jr. writes op-ed "Time to bring back real banking reform", published in the Times Newsweekly, serving Queens and Brooklyn.
April 2016 - An impressive list of current and former Federal and State representatives, Labor leaders, NAACP representatives, both Democrats and Republicans send greetings to the April 7 international Schiller Institute conference, commending the work of the institute on fighting for financial reform and offering their endorsement of the Schiller Institute's campaign for the U.S. to join the Chinese New Silk Road project to usher in a new paradigm of global development.
March 1, 2016 - Mr. Marco Zanni and Mr. Marco Valli, members of the European Parliament and of Italy's Five Star Movement Party, joined LaRouchePAC organizers on Capitol Hill in their campaign for Glass-Steagall. Watch an interview with them on Capitol Hill, here.
January 20, 2016 - The Washington State Senate Financial Institutions and Insurance Committee holds a hearing on Senate Joint Memorial 8005, which calls on Congress to enact pending legislature to restore the FDR Glass-Steagall law.
August 1, 2015 - Italian MPs and Professors Send Endorsement to U.S. Senators for New Glass-Steagall Bill. Read the full letter here.
July 2015 - International Federation of Professional and Technical Engineers Convention issues a resolution in support of reinstating Glass-Steagall.
July 18, 2015 - Presidential Candidate Bernie Sanders (I-VT) becomes the fifth Senator to co-sponsor S. 1709, the current senate bill calling for the reinstatement of Glass-Steagall. Read Sanders' statement here.
July 17, 2015 - Amid a flurry of discussion across the nation, in support of reinstating Glass-Steagall, the White House again comes out against it. From The Hill's article, "At this point, we believe that the kind of implementation of Wall Street reform is the most effective way to protect our economy and middle-class taxpayers," White House press secretary Josh Earnest told reporters at a press briefing Friday when asked whether President Obama supports it."
July 13, 2015 - LPAC Organizer Daniel Burke stirs up the Glsas-Steagall debate, when, during a Hillary Clinton event in Manhatten, whose subject was what to do with the U.S. economy, Daniel yelled from the crowd, "Senator Clinton, will you restore Glass-Steagall?" Later that afternoon a spokesperson for Clinton's campaign answered Burke's question: No. Coverage of the incident can be found here.
July 7, 2015 - Senators Elizabeth Warren (D-MA), John McCain (R-AZ), Maria Cantwell (D-WA) and Angus King (I-ME) reintroduce their bill calling for a "21st Century Glass-Steagall Act of 2015." S. 1709
May 12, 2015 - Machinists Push Congress for Glass-Steagall. IAM backs H.R. 381, full statement here.
April 15, 2015 - Sen. Elizabeth Warren delivers "The Unfinished Business of Financial Reform" speech at the Levy Institute conference in Washington, D.C. Three steps adopted by the government in the Wall Street Crash of 1929 worked for half a century, until they were blown away by the political wind of deregulation, she stated from the outset: establishing the SEC, the FDIC, and "a clear division between deposit-taking institutions and investment banks —the Glass-Steagal Act—so that banks couldn't use government- guaranteed deposits for high-risk speculation."
March 12, 2015 - O'Malley issues another call for reinstating Glass-Steagall, this time on MSNBC's "Morning Joe" program.
March 6, 2015 - Former Maryland Governor, pressing his exploratory bid for the 2016 Democratic Presidential nomination, asserts restoring Glass-Steagall as a leading priority were he to become President. American Statesman Lyndon LaRouche says, "We should get this out everywhere, both Glass-Steagall and the fact that O'Malley is running on it. O'Malley's raised this question, and anyone who opposes that policy, has to be considered as a defective choice for a candidacy for President. O'Malley's the only one right now, who has the qualifications for being a Presidential candidate. The others will now have to declare themselves on this. You cannot 'go along to get along' forever with Wall Street." Full story here.
February 23, 2015 - Italian MEPs: Go Back to FDR's Glass-Steagall Model. In a press statement released on Feb. 23, European Parliament Members Marco Valli and Marco Zanni explain their initiative for turning the EU draft bill on bank resolution into a Glass-Steagall Act.
January 21, 2015 - Hawaiian Rep. Tulsi Gabbard Tells Obama: We Need Glass-Steagall Now!
January 14, 2015 - Representatives Marcy Kaptur (D-OH) and Walter Jones (R-NC) reintroduce their bill, "Return to Prudent Banking Act of 2015", H.R. 381
July 9, 2014 - Petitions signed by nearly 600,000 American citizens, calling for Senate action on the 21st Century Glass-Steagall Act, were delivered to the bill's primary sponsor, Senator Elizabeth Warren (D-Mass.), as well as all other United States Senators, asking them to support the bill.
June 16, 2014 - On the 81st anniversary of the signing of the Glass-Steagall Act of 1933, 162 state and national organizations sent a letter to Senators urging them to co-sponsor the 21st Century Glass-Steagall Act (S.1282).
October 15, 2013 - LaRouchePAC publishes a Glass-Steagall ad in the D.C. daily The Hill with over 40 signatures.
October 6, 2013 - Thirty-four South Dakota state legislators, including 8 members of the State Senate, signed a letter to Sen. Tim Johnson, the chairman of the Senate Banking Committee, calling on him to hold hearings on the Glass-Steagall legislation currently pending in the U.S. Senate.
July 29, 2013 - A bipartisan group of South Dakota legislators made public a letter sent to Sen. Tim Johnson. The letter calls upon Sen. Johnson "as Chairman of the Senate Banking Committee, to hold immediate, emergency hearings on the reinstatement of The Glass-Steagall Act. There is strong support for the Glass-Steagall Bills in the Senate and the House. Our people are facing economic and social ruin. The collapse of Detroit, which used to be the U.S. arsenal of democracy, is the handwriting on the wall for economic ruin across our once strong United States." The letter was signed by 13 current and former members of the South Dakota State Legislature.
July 25, 2013 - Rep. Marcy Kaptur speaks on the floor of the House for Glass-Steagall, urging her colleagues to join her in sponsorship of H.R. 129.
July 23, 2013 - Congressmen Marcy Kaptur (D-OH) and Walter Jones (R-NC) released a bi-partisan "Dear Colleague" letter to all members of the U.S. Congress asking them for support to reinstate Glass Steagall and to co-sponsor their bill, HR 129.
July 18, 2013 - At a Senate briefing, FDIC vice-chairman Thomas Hoenig and former IMF chief economist Simon Johnson say that Glass-Steagall is necessary now.
July 11, 2013 - Senators Elizabeth Warren, John McCain, Angus King and Maria Cantwell introduced a second Glass-Steagall bill into the U.S. Senate called "21st Century Glass-Steagall Act"
May 16, 2013 - Sen. Tom Harkin introduces S. 985, "The Return to Prudent Banking Act of 2013", which would "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."
April 24, 2013 - Sen. Angus King (I-ME) favorably cites Glass-Steagall and opposes Dodd-Frank during his maiden speech on the floor of the Senate.
Feb. 16, 2013 - Sen. Joe Manchin (D-WV) raises Glass-Steagall while questioning banking officials in Senate Banking Hearing.
Feb. 13, 2013 - Sen. Maria Cantwell (D-WA) presses Treasury Secretary nominee Jacob Lew on the reinstatement of Glass-Steagall.
January 3, 2013 - Rep. Marcy Kaptur introduces H.R. 129, "The Return to Prudent Banking Act of 2013", which would "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."
Resolutions for Congressional Action Introduced Into State Legislatures
- 2016 - Ohio | JOINT RESOLUTION To urge the United States Congress and the President of the United States to enact legislation that would reinstate the separation of commercial and investment banking function that was in effect under the GlassSteagall Act.
- July 2016 - Pennsylvania | LEGISLATIVE RESOLUTION Urging the Congress of the United States to enact legislation to reinstate the separation of commercial and investment banking functions in effect under the Glass-Steagall Act and support the adoption of S.1709 and H. Res.381, which repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act.
- March 2016 - Minnesota | HOUSE RESOLUTION A resolution memorializing Congress 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. 381.
- March 2016 - Illinois | HOUSE RESOLUTION RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINETY-NINTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we urge the United States Congress to immediately adopt the "American Recovery" program by doing the following: 1) Restore the provisions of the Glass Steagall Act, ... 2) Return to a national banking and a federal credit system, modeled on the principles of Alexander Hamilton's First Bank of the United States, ... 3) Use the federal credit system to build a Modern network of high speed rail, power generating systems, water projects, such as those urgently needed... 4) Launch a program to rebuild our space program to put a permanent manned colony on the Moon and explore the solar system, and develop a program to create nuclear fusion, to finally solve the energy needs of the nation and the planet...
- March 2016 - Connecticut | 18 members of the Connecticut General Assembly write to the Connecticut Congressional delegation in Washington, in support of the reinstatement of Glass-Steagall.
- January 2016 - Arizona | CONCURRENT MEMORIAL Urging the United States Congress to enact H.R. 381, the Return to Prudent Banking Act of 2015, and S. 1709, the 21st Century Glass-Steagall Act of 2015.
- January 2016 - Rhode Island | SENATE RESOLUTION Respectfully requesting Congress to re-enact provisions of the Glass-Steagall Banking Act.
- January 2016 - Michigan | SENATE RESOLUTION A resolution to urge the United States Congress and the President of the United States to enact legislation that would reinstate the separation of commercial and investment banking functions that was in effect under the Glass-Steagall Act.
- January 2016 - New Mexico | SENATE MEMORIAL Urging the New Mexico Congressional delegation in Washington, D.C. to support efforts to reinstate separation of commercial and investment banking functions in effect under the Banking Act of 1933.
- January 2016 - South Carolina | HOUSE CONCURRENT RESOLUTION To memorialize the United States Congress to reenact certain provisions of the Glass-Steagall Act that were essential to providing stable economic markets following the Great Depression but which were repealed in 1999, contributing substantially to high-risk banking and investment practices that caused the Great Recession.
- April 2015 - New York | LEGISLATIVE RESOLUTION urging the New York State Congressional delegation to support efforts in the US House and US Senate to reinstate the Glass-Steagall Act, including the separation of commercial and investment banking functions in effect under the Glass-Steagall Act.
- April 2014 - Louisiana | Louisiana State Representative Katrina Jackson, the head of the Black Caucus, has introduced House Concurrent Resolution NO. 83 into the State House of Representatives.
- March 2014 - New Jersey | New Jersey Senate Resolution 56 was introduced by Sen. Shirley Turner.
- March 2014 - Minnesota | House Resolution HF 3299 was submitted by Rep. R. Dehn on March 26, 2014. This resolution matches Senate Bill 2334 which was introduced into the Minnesota Senate earlier in March.
- March 2014 - New York | Resolution K1012 was introduced into the New York State Assembly as K1012 urging the New York State Congressional delegation to support efforts to reinstate the Glass-Steagall separation of banks. The resolutions main sponsor is Phil Steck, who also introduced the bill last year. There are 13 official co-sponsors.
- March 2014 - Minnesota | Senate Bill 2334 "memorializing the Congress of the United States to enact legislation that would reinstate the separation of commercial and investment banking functions that were in effect under the Glass-Steagall Act, the Banking Act of 1933" was introduced into the Minnesota State Senate.
- February 2014 - Rhode Island | House Resolution 7650 "Respectfully Requesting Congress To Re-enact Provisions Of The Glass-steagall Banking Act" was introduced by Rep. Gregg Amore into the Rhode Island House of Representatives.
- February 2014 - West Virginia | Del. Mike Manypenny introduced an updated resolution, House Concurrent Resolution 89 into the West Virginia House of Delegates with a total of 49 co-sponsors.
- February 2014 - Maryland | Maryland Senator Anthony Muse has introduced Senate Joint Resolution 8 which matches Maryland House Joint Resolution 8, calling for the "Reinstatement of the Separation of Commercial and Investment Banking Functions".
- February 2014 - Kentucky | Kentucky State Senator Perry Clark has introduced Senate Concurrent Resolution 140 'urging Congress to reenact provisions of the Glass-Steagall Act'.
- February 2014 - Arizona | HCM 2011 was filed with 13 House sponsors, 12 Democrats, 2 Republicans AND 4 Senate sponsors, 2 Democrats and 2 Republicans, for a total of 18 sponsors.
- February 2014 - Maryland | House Joint Resolution 8 was introduced with 50 total sponsors, which is over 1/3 of the Maryland House. 3 of which are Committee Chairs and 5 are Republicans.
- January 2014 - Rhode Island | Senate Resolution S 2176 was introduced into the Rhode Island Senate by Senators DiPalma, Ruggerio, Lombardo and Metts.
- January 2014 - New Mexico | Senate Memorial 37 introduced by Senator William P. Soules urges members of the New Mexico congressional delegation to support the efforts to reinstate the separation of commercial and investment banking.
- January 2014 - Alabama | House Resolution 75 introduced by Rep. Tom Jackson.
- January 2014 - Virginia | Senate Joint Resolution 22 introduced by Sen. Richard Black.
- January 2014 - Washington State | Senate Joint Memorial Resolution 8012 resubmitted by Sen. Bob Hasegawa and Maralyn Chase with a total of 17 co-sponsors.
- 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 Legislature and calls 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.
- May 2013 - New York | House Resolution K. 490, sponsored by Assemblyman Phil Steck (D-Schenectedy), was introduced with 19 cosponsors, including 3 Republicans. The resolution has been referred to the Committee on Banks.
- June 2013 - New Jersey | AR-182 was introduced into the New Jersey legislature urging Congress to reinstate Glass-Steagall.
- July 2013 - Oregon | The state of Oregon has introduced Senate Joint Memorial 11 urging Congress to reinstate Glass-Steagall.
- July 2013 - Massachusetts | A resolution, Senate 1824, was filed in the Massachusetts senate after a petition from the citizens of Milbury gained local approval.
- August 2013 - California | The state legislature of California introduced Assembly Concurrent Resolution 73 urging "the President and the Congress of the United States to enact federal legislation to protect the public interest by reviving the separation between commercial banking and speculative activity embodied in the Glass-Steagall Act."
- September 2013 - New Jersey | New Jersey State Sen. Shirley Turner, a Democrat from Trenton, has introduced Senate Resolution 121, which "urges the U.S. Congress to adopt the 'Return to Prudent Banking Act of 2013.'" This is a companion bill, identical to Assembly Resolution 182, urging Congressional action to reinstitute Glass-Steagall.
- October 2013 - Michigan | Michigan State Senators Johnson, Anderson, Gregory, Bieda, Pappageorge, Young, Hopgood and Warren introduced Senate Resolution No. 98 for the reinstatement of Glass-Steagall banking separation.
- November 2013 - Michigan | H.R. 260 was introduced into the Michigan House of Representatives by Rep. Brian Banks and has 11 cosponsors.
Endorsements from State Legislators
Eighteen state legislators, from 16 states across the United States, have now signed a letter to Congress, being circulated by the LaRouche Political Action Committee, which urges Congressmen to restore the Glass-Steagall act by supporting HR 129 and S 985.
- Sen. Troy Jackson, ME
- Sen. Louis DiPalma, RI
- Sen. Brian Boquist, OR
- Sen. Terry Gerratana, CT
- Sen. Richard Black, VA
- Rep. Laurence Rappaport, NH
- Rep. Paul Schmid, MA
- Rep. Denny Coffman, HI
- Rep. Rayne Brown, NC
- Rep. Vera Insko, NC
- Del. Mike Manypenny, WV
- Rep. Steven L. Zaiser, ND
- Rep. Dan Carter, CT
- Rep. Thomas Jackson, AL
- Del. Aisha Braveboy, MD
- Assemblyman Michael Kearns, NY
- Assemblyman William Scarborough, NY
- Rep. Bill Harris, MT
- PA State Senator Mike Folmer (R-48th District), Central PA issued a statement calling for the banning of swaps and bail-ins and for a return to Glass-Steagall.
- December 2013 - The National Conference of State Legislatures (NCSL) debated a Resolution Concerning Regulation of Commercial and Investment Banking which had been submitted by Rep. Andrea Boland of Maine. For details on the debate see http://larouchepac.com/node/29106.
- November 12, 2013 - In a unanimous hands-up vote, all 15 members of Arizona's Legislative District 27 Republican Committee voted in favor of the a resolution for the restoration of Glass-Steagall stating, "LD 27 Republican Committee supports H. R. 129, the Return to Prudent Banking Act of 2013 as the best working model of American banking".
- At the September 8-11 AFL-CIO Convention in Los Angeles a Resolution 14 was passed calling for ending too-big-to-fail by enacting a new Glass-Steagall Act. "We need to make banking boring again. During the Great Depression, the Glass-Steagall Act was adopted to separate commercial banks, which take deposits and make loans for consumers and businesses, and investment banking, which entails more risky and speculative activity. The Glass-Steagall Act prohibited banks backed by government deposit insurance from engaging in overly risky activities. During the 50 years after passage of the Glass-Steagall Act, bank failures were rare and our economy generated the longest period of broad-based prosperity in our nation’s history."
- On August 29, 2013 the Detroit Board of Education approved a resolution urging Congress to enact legislation that would reinstate the Glass-Steagall Act separation of commercial and investment banking.
- On August 19, 2013 the Green Party of the United States issued a press release announcing it's support for the restoration of Glass-Steagall.
- On Aug. 2, 2013 the National Conference of State Legislatures, a bi-partisan organization of which all state legislators and staff are members, released their official Policy Directives and Resolutions for their upcoming annual National Legislative Summit (Aug. 12-16 in Atlanta), with a Glass-Steagall resolution on their agenda.
- Indiana Farmers Union President James Benham sends a letter to leading members of the U.S. Senate and House Agriculture Committees and to the Indiana Congressional delegation, urging the reinstatement of Glass-Steagall.
- On July 23, 2013 the National Farmers Organization issued a press release in support of the reinstatement of Glass-Steagall.
- On July 11, 2013 Americans for Financial Reform released a statement to announce "AFR Supports Warren/McCain/Cantwell/King ‘21st Century Glass Steagall Act’".
- On June 11, 2013 the Alabama State Council of Machinists went on record endorsing S.985 and H.R.129, the restoration of the Glass-Steagall Act.
- On May 20, 2013 the National Farmers Union issues a Press Release titled "Glass-Steagall: An Idea Worth Reconsidering" to congratulate both Senator Tom Harkin (D-IA) and Rep. Marcy Kaptur (D-OH) for introducing legislation to reinstate the Glass-Steagall Act which would help protect the U.S. economy from widespread collapse.
- 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.
- Public Citizen, the Ralph Nader-founded group
Openly endorsed the reinstatement of Glass-Steagall with the publication of a thirteen-page pamphlet, "Safety Glass — Why It's Time to Restore the 1930s Law Separating Banking and Gambling"
Support from Policy Makers & Notable Individuals in the U.S.
- Leo Gerard, President, United Steelworkers International Union
In a news article titled "Who Will Stand Up to Wall St?", Gerard states that Congress should pass Glass-Steagall and notes that "The 21st Century Glass-Steagall Act would restore the regulations that prohibited banks that use federal deposit insurance from engaging in risky Wall Street activities like swaps dealing"
- 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.”
- 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 Glass-Steagall.
- Gary Karr, internationally renowned solo string bass player
"For the attention of the members of Congress: I would like it to be known that I urge both the U.S. Senate and the House of Representatives to reinstate the 1933 Glass-Steagall legislation, reversing its 1999 repeal. I am among a large body of concerned citizens who feel that the reinstatement of the 1933 Glass-Steagall legislation is of paramount importance and needs to be acted upon immediately for the good of our nation."
- Daniel Lipton, esteemed conductor, active internationally
Has added his name to the above endorsement of Glass-Steagall by Gary Karr
- American Actor Ed Asner
Has written to his congressional leaders urging them "to immediately become a co-sponsor of this crucial legislation, and act to see that it, once again, becomes the law, and ends the reign of the Too Big to Fail banks."
- John Kusumi, independent for President in 1984, has endorsed the LaRouchePAC campaign to reinstate Glass-Steagall
"It's time to insist that the U.S. government must do the right thing, and reinstate the Glass-Steagall firewall between commercial and investment banking. To do so is a necessary first step to restore America into good form. It is already in keeping with my "politics of practical idealism," and it's a chance for Congress to do something decisive, rather than fiddling at the margins."
- Dean Baker, Center for Economic and Policy Research
"The Glass-Steagall Act provided financial security for Americans and now is the time to revive the legislation."
- Harold Meyerson, opinion writer, The Washington Post
"First, banks hold the ability to jack up prices on life’s essentials. Second, since giant, publicly insured banks such as JPMorgan Chase are investing in all manner of businesses and markets, taxpayers would be on the hook if those businesses and markets should tank. That’s why we need to bring back something like the Glass-Steagall Act, which built a wall between depositor banks and investment banks, and the 1956 Bank Holding Company Act. "
- Thom Hartmann, Veteran Truthout columnist
"How do we stop the banks, like Bank of America, from dragging America into yet another financial collapse? First and foremost, we need to bring back Glass-Steagall"
- Roseanne Barr, performer, writer, producer, Green party candidate for President
Barr has made many statements and tweets to her followers about the need to reinstate Glass-Steagall i.e. "Congress! Pass the Glass-Steagall Bill to save our country! We need to regulate criminals on Wall Street!"
Support from Policy Makers & Notable Individuals Abroad
- Joint Statement from Belgium: Four MPs and Agora Erasmus Call for Glass-Steagall
"Since then, the diagnosis has been unanimous: the banks, blinded by their cupidity, have systematically maneuvered for total deregulation of the system; regulators have looked the other way and politicians have failed in their mandate of guaranteeing that finance has to serve the public good and the future of our society."
- German City Council member Dorothea Schleifenbaum tells U.S. Congress to reinstate Glass-Steagall
"The real interests of the American people are different than Wall Street’s. If they were aware, they would support Glass-Steagall. It would be good for Germany and the rest of the world"
- Burnaby, BC, Calls for Glass-Steagall
"In general terms, introducing restrictions and applying separation between banking and securities activities would be a positive for industry and society for the same reasons the act was introduced 80 years ago"
- Lombardy Regional Councillors write Sen. Warren on Glass-Steagall
"We believe that it is of vital importance for our own survival, and for the survival of all of western civilization, to return to banking separation by restoring the Glass-Steagall Act in the United States, which can be an example for the other economies that have been devastated by decades of unbridled speculation."
- Sir Peter Tapsell, Tory MP, longest serving Member of the British House of Commons
"After a lifetime as a stock broker and fund manager, my instinct as bond yields rise all over the world is that we are heading for another banking crisis which will certainly choke off the already inadequate lending of banks to small businesses. My dismay is, you have not yet committed yourself to the total separation of investment and commercial banks, which I have been urging on you ever since you became Chancellor. I am absolutely convinced if we do not go back to something approaching Glass-Steagall, it will be an absolute disaster when the next banking crisis hits us."
- Nigel Lawson, form UK Chancellor
"I would like to see a complete Glass-Steagall-style separation"
- Daisuke Kotegawa, former representative of the Government of Japan at the Board of the International Monetary Fund, writes an open letter to U.S. Congress urging them to pass Glass-Steagall through both houses of Congress.
- Professor of Economics and Head of the new political party “DRACMA”, Theodore Katsanevas in the Name of the Drachma 5 Party has written a letter to the U.S. Congress encouraging them to restore Glass-Steagall.
- 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."
- 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""
- City Councilwoman. Galliate Lombardo (Varese) Italy (LIL) sends letter of support to Senator Elizabeth Warren
- Belgian Member of Parliament, Dirk Van der Maelen, the former vice-president of the Socialist Party of Flanders, sent a personal letter to all the members of the US Congress asking them to re-establish Glass-Steagall style strict banking separation.
- Italian Trade Union Confederation calls for banking separation
"We are deeply convinced that we need stronger rules on structured finance and derivatives, on reforming oversight authorities and bank governance, and on separating commercial banks from investment banks"
- Member of the Schleswig-Holstein Landtag Flemming Meyer, chairman of the South Schleswig Voters Alliance (Südschleswigscher Wählerverband, SSW)
Wrote a letter to U.S. Senators and Members of the House of Representatives urging the passage of Glass-Steagall.
- Jacques Cheminade, Former French presidential candidate
Sent a letter to congratulate Senator Elizabeth Warren on her introduction of legislation to restore Glass-Steagall.
- Nino Galloni, economist
"...it would suffice to reintroduce the Glass-Steagall Act, imposing the clear-cut separation between subjects with speculative activity and those which must extend credit to the economy."
International Glass-Steagall Developments
- On November 12, 2013 Lombardy Regional Council unanimously passes Glass-Steagall resolution
- On November 14, 2013 a Glass-Steagall Motion was introduced in Italy's Veneto Region
The signers are Caner, Bassi, Cappon, Ciambetti, Conte, Manzato, Finozzi, Lazzarini, Tosato, Toscani, Possamai, Finco, Cenci, Sandri, Valdegamberi, Franchetto, Furlanetto, Corazzari, Stival, Foggiato.
- On July 2, 2013 a fourth Glass-Steagall bill was introduced into the Italian Parliament by 48 Senators
- 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.
- European Labor Party of Sweden submits Glass-Steagall as a response to EC's request on restructuring Euro-banking
- New organization, Impulswelle.ch, based in Switzerland issues a call for bank separation