Executive Intelligence Review
Subscribe to EIR


Now 17 States Have Had Glass-Steagall Memorials Introduced or Passed

April 25, 2013 (EIRNS)—On April 18, Colorado became the 17th state to have a memorial calling on Congress to re-institute the Glass-Steagall law introduced in the state legislature. Senate Joint Resolution 002 (SJM13-002) was introduced by State Sen. Owen Hill and seven other sponsors, all Republicans. The resolution has been referred to the Veterans & Military Affairs Committee, with a hearing scheduled for May 1. If it passes Committee, and the Senate as a whole, it will automatically be sent on for a vote in the lower House.

Meanwhile, HR 129, the Kaptur-Jones Return to Prudent Banking Act, which would restore Glass-Steagall, has picked up two more co-sponsors, both freshman Democrats, bringing the total number of sponsors to 58.

The fight for getting a companion bill introduced into the U.S. Senate is heating up, at the same time that organizing teams are spreading out to new states to generate additional pressure on the Congress.

Memorials to Congress have passed both houses in South Dakota and Maine, and the lower house in Indiana. Further memorials are pending in

  • Alabama,
  • Pennsylvania,
  • Minnesota,
  • North Carolina,
  • West Virginia,
  • Rhode Island,
  • Kentucky,
  • Hawaii,
  • Washington State, and
  • Mississippi.

Montana, Virginia, and Maryland took no action on their memorials during their session.

With increasing talk in the financial press about the new financial bubble, worse than 2007, and the inevitable crash which will result, without Glass-Steagall, more and more bankers are agitating for the return of banking separation. They are joined by the huge portion of the population which is being crushed by the austerity policies of the Obama Administration, for which there is no remedy without stopping the policy of supporting Wall Street.

See www.larouchepac.com for a further rundown on the Glass-Steagall campaign.