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PRESS RELEASE


Senator Cantwell Issues Call for Mass Support for Glass-Steagall

April 14, 2017 (EIRNS)—On April 12, various media received a message from the Senator Maria Cantwell (D-Wash.), calling for mass support for S. 881, the Senate bill for a 21st Century Glass-Steagall Act. Cantwell, along with Sen. Elizabeth Warren (D-Mass.), Sen. John McCain (R-Ark.), and Sen. Angus King (I-Me.), introduced the bill April 6. She is now issuing a petition for circulation among the citizenry of the nation. Rep. Marcy Kaptur’s bill for restoring Glass-Steagall (the Return to Prudent Banking Act-HR790) already has 43 sponsors in the House.

Other petition campaigns on Glass-Steagall are already underway, including one by a coalition of groups, led by the AFL-CIO, the American Federation of Teachers, and Americans for Financial Reform. Progressive Democrats from Ohio and the LaRouche Political Action Committee are also conducting petition campaigns to hold President Trump to his promise to support Glass-Steagall.

Cantwell released her petition in an email to various media. She intends to submit the petition signatures to the Republican and Democratic leaderships of the House and Senate, and the relevant committees on banking and finance. The petition reads as follows: Rein in the Too Big To Fail Banks! Pass Glass-Steagall!

In a surprise move, both Democrats and Republicans included reinstating the Glass-Steagall Act in their official party platforms. Congress must quickly back this up with action, as working people are still hurting from the 2008 financial crisis. Many lost their homes and jobs, and are still struggling to make ends meet for their families.

At the same time, Wall Street executives have made billions and big banks have gotten even bigger. They’ve continued with their risky behavior that caused the 2008 crisis. The rules are rigged in favor of Wall Street. But it doesn’t have to be that way. Before the Glass-Steagall Act was rolled back in the 1990s, it helped protect our financial system for over 60 years, by separating conventional commercial banking from the Wall Street casino. Momentum is growing to pass a modern Glass-Steagall Act. A huge majority of working people support the idea of reinstating the Act and a bipartisan bill - introduced by Sen. Elizabeth Warren and supported by Sen. John McCain—has already been introduced in the Senate that would put in place a modern version of the Glass-Steagall Act. There’s no excuse for Senate Republicans to drag their feet on taking action on this important issue.

Sign the petition now to demand congressional leaders in the House and Senate rein in Wall Street greed and allow a vote on the bipartisan 21st Century Glass-Steagall Act after the election.

The petition can be signed by accessing the article in the Daily Kos.