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NCSL Legislative Forum in D.C. at
the Center of Glass-Steagall Battle

Dec. 5, 2013 (EIRNS)—On the eve of the Legislative Forum of the National Conference of State Legislatures (NCSL), being held in Washington, D.C. Dec. 4-6, Wall Street has escalated its counterattack against the drive for the reimposition of Glass-Steagall.

A resolution for Glass-Steagall, sponsored by Maine Rep. Andrea Boland, is scheduled to be heard and voted on by the group of approximately 200 delegates assembled. Boland's resolution has been co-sponsored by 18 other state legislators, from 15 different states, some of them lead sponsors of memorials for Glass-Steagall in their own legislatures.

Wall Street is clearly worried. Its huge deployment to the August national conference of the NCSL successfully staved off passage of a similar resolution which would demand that Congress act to push through H.R. 129 and S. 1282 or S. 985, but the momentum nationally for cutting off Wall Street and its gambling habit, has continued to grow. Thus, during the last week of November, letters began to be sent from the state branches of the American Bankers Association to at least the sponsors of the Boland resolution—and perhaps all those attending the forum, informing the legislators that the banking associations strongly opposed the resolution.

The content of the letters is a compilation of the same fraudulent arguments which the Obama Administration and the banking community have been peddling for years—and have been soundly refuted by EIR and honest experts such as FDIC vice-chairman Thomas Hoenig. As the notorious Jamie Dimon did in an interview in The Oklahoman last summer, the letters claim that the regulations in Dodd-Frank will deal with whatever real problems there are in banking practice—at the same time that they fight tooth and nail to eliminate these regulations!