Americans for Financial Reform Campaign for Glass-Steagall
Aug. 29, 2016 (EIRNS)—It’s nothing new for a spokesman for Americans for Financial Reform, a group of more than 200 civic and labor organizations ranging from the AFL-CIO to AARP, to come out for restoring Glass-Steagall. What is new is for them to succeed in getting a solidly reasoned argument for the bill circulated in such venues as the American Banker, as occurred on Aug. 26.
Under the headline “There are Real Reasons to Bring Back Glass-Steagall,” AFR policy director Marcus Stanley shows how arguments against restoring Glass-Steagall miss the point, and that bringing it back will move the banking system toward sanity. Unfortunately, he fails to cite the specific political advances for the restoration such as the Senate (S.1709) and House (H.R. 381) legislation, although the AFR is on record in support of the 21st Century Glass-Steagall Act (S. 1709).
A mobilization for bringing the bills in both the House and the Senate to the floor is what precisely is needed in view of both the financial and political crisis of this nation.