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Kaptur Again Argues Glass-Steagall in House

June 8, 2017 (EIRNS)—Speaking again in the House today on Glass-Steagall reinstatement and against the "CHOICE" bank deregulation act, Rep. Marcy Kaptur said: "Mr. Speaker, I rise today to oppose the Financial CHOICE Act, which abandons the American people, as well as safety and soundness, in favor of Wall Street.

"Six megabanks now control two-thirds of the financial sector in our country, and reaped record profits of over $170 billion in 2016. That’s too much power in too few hands....

"This week, Congressman Jones and I proposed to table the current legislation and replace it with our bipartisan bill, the [Return to] Prudent Banking Act, which reinstates Glass-Steagall protections by separating prudent banking from risky Wall Street banking that tanked our economy in 2008.

"The Rules Committee refused to allow our bill a vote. Nevertheless, we remain resolute. Glass-Steagall is something President Trump ran on, as did Bernie Sanders, and in 2016 both the Republican and Democratic platforms enshrined the policy of restoring Glass-Steagall protections.

"Americans should know there is a growing bipartisan consensus fighting to protect the progress we have made, rein in Wall Street, and keep the wolves at bay and out of your pocketbook."

Rep. Tulsi Gabbard (D-Hawaii) also spoke on the House floor for replacing the CHOICE Act with the Glass-Steagall Act. Kaptur and Rep. Walter Jones (R-N.C.), with 50 co-sponsors, plan more action to intensify the Glass-Steagall debate.

Under pressure on the Glass-Steagall question, Glass-Steagall opponent Rep. Jeb Hensarling (R-Tex.), falsely compared his CHOICE Act to a "21st Century Glass-Steagall act" in remarks reported by The Hill.

A respected expert for Glass-Steagall reinstatement, author and former investment banker Nomi Prins, released a strong and lengthy argument for Glass-Steagall today, addressed to President Donald Trump.