Bill To Reinstitute Glass-Steagall
Reintroduced in 113th Congress
Jan. 4, 2013 (EIRNS)—This release was issued today by the Lyndon LaRouche Political Action Committee.
Reps. Marcy Kaptur (D-Ohio) and Walter B. Jones (R-NC) moved immediately within the opening hours of the 113th Congress, to reintroduce legislation to revive Franklin D. Roosevelt's Glass-Steagall act. Kaptur's previous bill, H.R. 1489, had 84 cosponsors when the 112th Congress expired. The new bill, H.R. 129, is expected to rapidly gain even more overwhelming support.
The official Library of Congress website on legislation identifies the purpose of the bill thus:
"To repeal certain provisions of the Gramm-Leach-Bliley Act and revive the separation between commercial banking and the securities business, in the manner provided in the Banking Act of 1933, the so-called 'Glass-Steagall Act', and for other purposes."
The full text will be available soon. The bill has already been referred to the House Financial Services Committee.
Lyndon LaRouche and his political action committee have identified the reinstatement of Glass-Steagall as the essential, immediate first step in rescuing the U.S. and global economy, from the catastrophes of hyperinflation and draconian austerity, to be immediately followed by the creation of a federal credit system linked to inaugurating major infrastructure projects such as the North American Water And Power Alliance (NAWAPA).
We are in a countdown, before the hyperinflation set off by the bailout policies of the Federal Reserve and the European Central Bank, create an unstoppable crisis, LaRouche commented recently. Many leading bankers are fully aware that we are on the cusp of precisely such a catastrophe, which is why prominent bankers in London and elsewhere are now speaking out for Glass-Steagall. What they, and many in Congress, don't understand is that this emergency measure must be taken now, within weeks, in order to launch the crucial next steps of a recovery program: a credit system with funds dedicated to rebuilding the physical economy.
Lyndon LaRouche PAC will be moving immediately not only for passage of H.R. 129 as an emergency measure, but for introduction of a matching measure in the U.S. Senate, where support is growing for the banking separation.