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Five New Congressional Signers Bring Glass-Steagall Sponsors to 59

June 5, 2015 (EIRNS)—Five more Congressmen added their names to House Bill 381, the bill to restore Glass-Steagall submitted early January by Rep. Marcy Kaptur (D-Ohio), this week. That brings the total, including Kaptur, to 59.

One of the elements driving the rapid increase of support is the Presidential campaign of former Maryland Governor Martin O’Malley, which has placed top priority on restoring the FDR-era law. However, supporters of re-instating Glass-Steagall in the U.S. Senate have yet to submit a companion bill.

The urgency of reinstatement becomes ever greater, as the head-on conflict between the Greek government—committed to keeping its promises to its population—and the European bureaucracy and IMF comes to a head. If Greece ends up leaving the Eurozone, the event is expected to detonate a worldwide financial crisis in a system riddled with trillions of phony gambling debts such as derivatives.

This so-called Greek crisis will likely come to a head by the end of June. Without Glass-Steagall in place, or on the way, the U.S. banking system cannot be protected.