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New Glass-Steagall Bill Advances in Congress

Jan. 27 (EIRNS)—On Jan. 15, Rep. Marcy Kaptur (D-Ohio) reintroduced her bill to reinstate FDR-modelled Glass-Steagall regulations to the U.S. banking system, with 16 cosponsors. As of today, there are 24 cosponsors on H.R. 381, and momentum is growing.

As of now, all but one of the cosponsors are Democrats, the lone exception being Rep. Walter Jones, Republican of North Carolina.

By the end of the 113th Congress, there were 83 cosponsors on Kaptur’s bill, including numerous Republicans. However, thanks to the Wall Street control over the Republican-run Financial Services Committee, in particular, the bill never even got a hearing.

This time around, Wall Street is much weaker—actually at the edge of a new bankruptcy blow-out even worse than 2008. Will Congress continue to let these bankrupts call the shots?