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New Sponsors Sign On to H.R. 1489

May 27, 2011 (EIRNS)—Reps. Maxine Waters (D-Calif.) and Marcia Fudge (D-Ohio) are the latest members of Congress to sign on as co-sponsors of H.R. 1489, the bill to restore FDR'S Glass-Steagall act, which would return the U.S. to a Constitutional credit system. The bill was sponsored by Ohio's Marcy Kaptur.

Waters earns the distinction of being the first member of the House Financial Services Committee to buck Wall Street and the Obama team on reinstating this life-and-death legislation. Back in 1998, when the Wall Street/London financiers merged Citibank and Travelers Insurance, Waters warned that that "wholesale remaking of the banking system" was a violation of the then-still-standing Glass-Steagall law, and had particularly troubling implications for any effort to stop drug-money laundering, such as Citicorp had just been caught in.

Fudge, as Mayor of Warrensville Heights, Ohio, threw her support behind LaRouche's Homeowners and Bank Protection Act proposal in 2008, urging the City Council to pass a resolution telling Congress that the HBPA was urgent to defend cities like her own.