Subscribe to EIR Online


Glass-Steagall Gains More Support

June 23, 2011 (EIRNS)—The momentum for reinstating the Glass-Steagall principle, prior to the next major blowout of the world financial system is visibly growing, both among popular institutions, and in the Congress.

Three more Congressmen have signed on Marcy Kaptur's H.R. 1489 as of June 23, bringing the total number on board to 20. The latest three are Reps. Barbara Lee (D-Calif.), Jan Schakowky (D-Ill.), and Mike Coffman (R-Colo.). This brings the total Republicans on board to three, and means that two states have three Congressmen in support—California and Illinois.

Congress will be returning to the districts the week before the 4th of July, just as the situation around the local budget blowouts heats up further. They will surely be hearings from their constituents, that only with Glass-Steagall as the first step, can this crisis be resolved.

On the state level, momentum is particularly strong among members of the labor movement, in the wake of the endorsement of H.R. 1489 by the New Jersey AFL-CIO, and that organization's report that the national AFL-CIO is in support as well. Official labor organizations in Genessee County, New York, and in the Louisville, Kentucky area have both formally endorsed the legislation, and sent notification to their Congressmen.

Back to top