|This editorial appears in the June 17, 2011 issue of Executive Intelligence Review.
Labor Goes for Glass-Steagall
As we commemorate the anniversary of President Franklin Roosevelt's signing of the Glass-Steagall ActJune 16, 1933there are clear signs of accelerating motion for its reinstatement. Most significant institutionally, is the action being taken by organized labor, the AFL-CIO.
On June 14, the State Convention of the New Jersey AFL-CIO voted up a resolution of support for the Glass-Steagall bill, H.R. 1489, which was introduced into the House of Representatives by Rep. Marcy Kaptur (D-Ohio) on April 12. The full body, by a unanimous voice vote, approved the resolution, reprinted below, which had been voted up by its Executive Board the day before.
This action represents a powerful addition to the national mobilization underway to re-enact Glass-Steagall in the very short term, as the only means of adequately addressing the disastrous state of the U.S. economy, and the threat of an imminent total systemic financial breakdown crisis. As LaRouchePAC's New Jersey Congressional candidate Diane Sare put it in her statement on the event, the New Jersey AFL-CIO had struck a "gigantic blow for the Preamble of the U.S. Constitution."
It should be noted that the New Jersey resolution includes a statement that the national AFL-CIO supports the Kaptur legislation. Thus, more action from labor can be anticipated in the days ahead.
And indeed, it is only days that we have available to force Glass-Steagall through the Congress, if we are to head off the looming financial blowout already visible in Europe, and elsewhere. The New Jersey action must be taken by all patriots as a goad, and encouragement, to reach the July 4 goal Lyndon LaRouche has set for passing Glass-Steagall.
The full text of the New Jersey State AFL-CIO Executive Board Resolution follows: