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North Carolina AFL-CIO Calls for
Glass-Steagall, H.R. 1489;
Three New House Sponsors

Sept. 9, 2011 (EIRNS)—Three new co-sponsors to H.R. 1489, a House Bill calling for a return to Glass-Steagall bank regulation,signed on yesterday. This brings the total to 35 co-signers, plus originating sponsor Rep. Marcy Kaptur (D-Ohio). The new co- sponsors, all Democrats, are: Rep. Larry Kissell (North Carolina -8), Rep. John Olver (Mass.-1), and Rep. Peter Welch (Vermont).

This morning, the North Carolina state convention of the AFL-CIO unanimously passed a resolution supporting H.R. 1489, Kaptur's "Return to Prudent Banking Act of 2011." The resolution cites the fact that the repeal of Glass-Steagall opened the door to the banking disaster of 2008, which was then followed by the bailout policy, which is bankrupting the U.S. economy.

North Carolina thus becomes the 7th state AFL-CIO organization to endorse a return to Glass-Steagall—a move the national Machinists Union (IAM) and the national AFL-CIO have also issued backing for. The bill was introduced on the initiative of the North Carolina Machinists Council, which had passed a resolution supporting H.R. 1489 the day before.

In concluding the convention, State Secretary Treasurer Mary McMillan stressed the need for the unionists to fight for their objectives, including the Prudent Banking Act.

Meanwhile, the mobilization for reinstating Glass-Steagall through passing H.R. 1489 is growing nationally. The Democratic Party of Alger County Michigan passed a resolution in support of HR 1489 last night, Sept. 8. And declared Republican Presidential candidate Buddy Roemer, in responding to President Obama's phony jobs bill, stressed that a reinstatement of Glass-Steagall is one of the three major steps that must be taken to restore the economy.