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Memorials for Immediate Passage
of Glass-Steagall Put on the Agenda
in 13 States

April 6, 2013 (EIRNS)—Memorial resolutions calling for the immediate Congressional passage of H.R. 129, the Return to Prudent Banking Act which would reinstate FDR's Glass-Steagall law, have been introduced in 13 states over the past three months, as a citizens' movement, led by the Lyndon LaRouche Political Action Committee, continues to gain political momentum. The memorials are crafted as part of a nationwide strategy to pressure Congress, both the House of Representatives and the Senate, to cut off Federal support for the gambling debts of the banking system, setting the stage for a return to sound commercial banking, and the re-establishment of the credit system tied to a physical economic recovery, led by great projects such as the North American Water and Power Alliance.

As of this writing, the resolutions have passed in both houses of the South Dakota legislature (Feb. 28), and the Maine State Senate (April 4).

Further action on already filed resolutions is pending in eight additional states:

  1. Alabama —the House;
  2. Mississippi — the House;
  3. Pennsylvania —the House;
  4. Kentucky—the Senate;
  5. Rhode Island—the Senate;
  6. Washington state—the Senate:
  7. West Virginia—the House; and
  8. Hawaii—the House.

Meanwhile, LaRouche PAC activists and their allies are targetting at least 9 additional states for immediate action on Glass-Steagall resolutions, with the intent of getting resolutions passed and sent to Congress during the immediate weeks ahead. The urgency of the drive has increased markedly since the startling "Cyprus heist," where the European Union ordered the seizure of bank deposits in order to carry out bailouts of major banks, in a move now exposed as a "template" for "saving" banks worldwide.

The resolutions introduced into three states—Montana, Virginia, and Maryland—have been allowed to lapse without action, but supporters are continuing to agitate with their state and federal representatives to take the necessary action.

In Congress itself, 45 Congressmen have joined with initiating sponsors of H.R. 129, Reps. Marcy Kaptur (D-OH) and Walter Jones (R-NC). Despite vocal support from some Senators for restoring Glass-Steagall, no complementary bill has yet been introduced into the Senate.

More information on the drive for Glass-Steagall can be found at the Lyndon LaRouche PAC website.