by: Marcy Kaptur (D-OH, 9th)
Washington, D.C. - April 10, 2019 - (The Ponder News) -- ongresswoman Marcy Kaptur (OH-09), the House’s longest serving woman, led a group of 26 House members to introduce the Return to Prudent Banking Act of 2019, legislation that would reinstate and expand the historic provisions of the Glass-Steagall Act of 1933 restricting affiliations between commercial and investment banks. The legislation has been endorsed by AFL-CIO, the International Brotherhood of Teamsters, Communications Workers of America, International Federation of Professional and Technical Engineers, Public Citizen, and Take on Wall Street.
“In the wake of the Great Depression, Congress worked on a bipartisan basis to pass the Glass-Steagall Act to separate commercial banks and securities firms and prevent Wall Street from gambling away the American people’s hard-earned money. Tragically, the Big Banks and their lobbyists pressured Congress to repeal the law in 1999. This misguided deregulation opened the floodgates for growth of financial institutions that are too big to fail and encouraged the type of risky behaviors that led to the crash of the American financial system in 2008. While we made significant progress when President Obama signed the Dodd-Frank Act, large commercial and investment banks are still tied together in an institutional risk that threatens the financial well-being of our country. I urge my colleagues to join me in passing this vital legislation so we can ensure the security and stability of our financial system,” said Rep. Kaptur.
"The same Wall Street banks that crashed our economy in 2008 and put millions out of work remain too-big-to-fail to this day. We need to ensure that our members' and our retirees' livelihoods aren't jeopardized again by the reckless behavior of a Wall Street megabank. The Return to Prudent Banking Act is a smart solution that would reinstate the barrier between commercial and investment banking and make our financial system safer. CWA fully supports the Return to Prudent Banking Act and we thank Rep. Kaptur for her continued leadership on this important issue,” said Shane Larson, Director of Legislation for Communications Workers of America
“Lessons learned from the Great Depression and the Economic collapse of 2008 are proof enough that the American Public need protection from banks that are too big to fail, most especially a clean separation between investment and commercial banking as was provided by the Glass-Steagall act. We need to put people ahead of irresponsible financial greed. IFPTE is proud to support this legislation,” said Paul Sharon, President of the International Federation of Professional and Technical Engineers
Public Citizen enthusiastically welcomes Rep. Kaptur’s much needed bill to restore prudence to the banking industry. Because Congress repealed the ban on banks owning casino-like securities gambling operations in 1999, it took less than a decade for reckless conduct funded by government-backed deposits to crash the world economy,” said Bartlett Naylor, Financial Policy Advocate for Public Citizen.
"There is nothing inevitable about Too Big To Fail. We separated investment and deposit banking for decades, and Glass-Steagall was very effective at preventing the banks from becoming the unmanageable monoliths they are today. Congresswoman Kaptur's Return to Prudent Banking Act would restore the guardrails for the big banks, and go a long way toward making them manageable again," said Porter McConnell, Director of the Take On Wall Street Coalition.
Background:
Endorsing Organizations:
AFL-CIO
International Brotherhood of Teamsters
Communications Workers of America
International Federation of Professional and Technical Engineers
Public Citizen
Take on Wall Street
Original Cosponsors:
Rep. Rosa DeLauro (CT-3)
Rep. Susan Wild (PA-7)
Rep. Stephen Lynch (MA-8)
Rep. Ro Khanna (CA-17)
Rep. Jackie Speier (CA-14)
Rep. Bonnie Watson Coleman (NJ-12)
Rep. Jan Schakowsky (IL-9)
Rep. Peter DeFazio (OR-4)
Rep. Eleanor Holmes Norton (DC-At-Large)
Rep. Jim McGovern (MA-2)
Rep. Ilhan Omar (MN-5)
Rep. Tulsi Gabbard (HI-2)
Rep. Steve Cohen (TN-9)
Rep. Pramila Jayapal (WA-7)
Rep. Chellie Pingree (ME-1)
Rep. David Cicilline (RI-1)
Rep. Anna Eshoo (CA-18)
Rep. Paul Tonko (NY-20)
Rep. Peter Welch (VT-At-Large)
Rep. Barbara Lee (CA-13)
Rep. Grace Napolitano (CA-32)
Rep. Mark Pocan (WI-2)
Rep. Raul Grijalva (AZ-3)
Rep. John Yarmuth (KY-3)
Rep. Lucille Roybal-Allard (CA-40)
Bill text for the legislation can be found here
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