Executive Intelligence Review
Subscribe to EIR


State Legislators Begin
To Move for Glass-Steagall

Jan. 18, 2013 (EIRNS)—While the momentum for passage of new Glass-Steagall legislation in Congress is growing, state legislators around the nation have begun to mobilize for Congressional action on the Rep. Marcy Kaptur's "Return to Prudent Banking Act," which has been re-introduced into the 113th Congress as H.R. 129.

The first legislator to act was Democratic Senator Perry Clark of Kentucky, who introduce Senate Concurrent Resolution 16 on Jan. 8, urging Congress to enact Kaptur's bill, which calls for separation of the bank in the manner provided by FDR's Glass-Steagall Act of 1933. It has been referred to the Banking and Insurance Committee.

On Jan. 9, Republican Sen. Richard Black of Virginia introduced Senate Joint Resolution 273, which would memorialize Congress to enact the separation of commercial and investment banking functions. It was referred to the Rules Committee.

On Jan. 14, Republican Rep. Bill Harris of Montana introduced House Joint Resolution 4, which calls on the Congress to enact Kaptur's bank separation bill.

On Jan. 16, five leading Democratic Senators in Rhode Island, including Senate Majority leader Dominick Ruggerio, introduced Senate Resolution 2 0010, which calls for a return to Glass-Steagall. It was referred to the Senate Corporations Committee. Additional cosponsors are Frank A. Ciccone III, Louis P. DiPalma, Maryellen Goodwin, and James C. Sheehan.

The current mobilization by Lyndon LaRouche PAC and its supporters around the nation guarantees that these memorials will soon be introduced in other states, and that pressure on Congress to act will dramatically increase in the weeks ahead.