Letter: Congress needs to restore Glass-Steagall
Now is the time to urge, no demand, your congressional representative and senators pass a bipartisan, veto-proof bill to restore Glass-Steagall. In the House it is H.R.129, Return to Prudent Banking Act. My Seventh District Representative Collin Peterson was an early co-sponsor of H.R.129.
In the Senate there are two bills for restoring Glass-Steagall. Sen. Elizabeth Warren (D-Mass) has introduced her bill, S.1282 while Sen. Tom Harkin (D-Iowa) has introduced a companion bill to H.R.129. This is not a Democrat or Republican issue but a bipartisan American issue that will separate commercial deposit banking that is regulated, protected and guaranteed by the F.D.I.C. from the high risk investment banks that don’t deserve federal protection.
And yes, we must have a veto-proof passage in both the House and the Senate because President Obama is on the Wall Street big bank’s side. Remember he gave them billions and billions of dollars when they were going broke because they were “too big to fail.” Glass-Steagall will separate them from the commercial banks that actually work for the people and let the investment banks learn to live without a “bailout” if they gamble and lose.
Glass-Steagall served us well from the time first passed as the Federal Banking Act of 1933 until it was repealed in 1999 under the Clinton administration.
As of this writing (10/11/2013), the blame game circus continues in Washington D.C. and there is enough blame to go around for the Republicans, Democrats and the President. They are all responsible for the deplorable government shutdown. Now is the time for Congress to do something really good for America. Glass-Steagall is the first step in getting our fiscal house in order that will really make it work for “We the People.” Put the pressure on the congressional representatives and the senators that are supposed to be working for you. Call or write them to co-sponsor or at least support and vote for a Glass-Steagall bill. We need bipartisan support for a veto-proof passage.