Glass-Steagall Resolution Introduced into Michigan State Senate

[GlassSteagallfan]

October 24, 2013 • 2:10PM

Asserting leadership against the insanity in Washington, D.C. and the genocide being inflicted upon Detroit, eight State Senators in Michigan have stepped forward to introduce a resolution calling upon the federal Congress to re-enact Glass-Steagall as the law of the land, now. Resolution #98, introduced by Sen. Bert Johnson of Detroit, cites the bills already before the U.S. House and the Senate, and states that "overwhelming pressure must be brought to bear on members of the U.S. House of Representatives and U.S. Senate to take action to pass this important legislation." Six other Democrats and one Republican joined Sen. Johnson in sponsoring the resolution, which has been referred to the Committee on Banking and Financial Institutions.

With this Michigan action, the total number of state legislatures where such resolutions have been introduced is now 25.

Senate Resolution No. 98 reads:

A resolution to urge the Congress and the President of the United States to enact legislation that would reinstate the separation of commercial and investment banking functions in effect under the Glass-Steagall Act.

Whereas, An effective money and banking system is essential to the functioning of the U.S. economy. Such a system must function in the public interest without any bias; and
Whereas, Since 1933, the Federal Banking Act, also known as the Glass-Steagall Act, protected the public interest through the regulation of commercial and investment banking, insurance companies, and securities. The Glass-Steagall Act was repealed in 1999, partially contributing to the greatest speculative bubble and worldwide recession since the Great Depression; and

Whereas, The worldwide recession left millions of homes in foreclosure. It caused the loss of millions of jobs nationwide. The recession also put severe financial strains on states, counties, and cities, exacerbating unemployment and loss of civil services; and
Whereas, The United States House of Representatives and United States Senate have been making efforts to restore the protections of the Glass-Steagall Act. United States Representative Marcy Kaptur has introduced H.R. 129, known as the Return to Prudent Banking Act of 2013, which would revive the separation between commercial banking and the securities business in the manner provided by the Glass-Steagall Act. United States Senator Elizabeth Warren, along with Senators John McCain, Maria Cantwell, and Angus King, has introduced the 21st Century Glass-Steagall Act of 2013 (S. 1282), which would reduce risk for American taxpayers in the financial system and decrease the likelihood of future financial crises; and
Whereas, The Glass-Steagall Act has widespread national support from prominent economic and business leaders and national publications, including Thomas Hoenig of the FDIC, former Citigroup CEO Sanford Weill, economist Luigi Zingales, the New York Times, the St. Louis Post- Dispatch, the Los Angeles Times, and many others; and
Whereas, As of September 9, 2013, 18 states have filed resolutions demanding immediate action to return to Glass-Steagall. Maine and South Dakota have passed those resolutions through both houses of their legislatures. In the remaining states, legislative action is still pending; and
Whereas, Overwhelming pressure must be brought to bear on members of the U.S. House of Representatives and U.S. Senate to take action to pass this important legislation; now, therefore, be it
Resolved by the Senate, That we urge the Congress and the President of the United States to enact legislation that, in order to prevent American taxpayers from being called upon to fund hundreds of billions of dollars to bail out financial institutions, would reinstate the separation of commercial and investment banking functions in effect under the Glass-Steagall Act; prohibiting commercial banks and bank holding companies from investing in stocks, from underwriting securities, or from investing in or acting as guarantors to derivative transactions; and be it further
Resolved, That copies of this resolution be transmitted to the President of the United States, the President of the United States Senate, the Speaker of the United States House of Representatives, the members of the Michigan congressional delegation, United States Representative Marcy Kaptur, and United States Senator Elizabeth Warren.

Source

[crosby]

Excellent.....thank you Gsf for the update.. what do you think will happen?
crosby.

[gripreaper]

Posted by GlassSteagallfan (here)
October 24, 2013 • 2:10PM

calling upon the federal Congress to re-enact Glass-Steagall as the law of the land, now.

The federal Congress was never reinstated after 7 southern states walked out in 1861 due to disagreements with the new resolutions for making all US citizens slaves just like the blacks were, and allowing the banksters to take control of the country. A Corporation was formed and we have been a privately run corporate government ever since. There IS NO representative congress or president.

A resolution to urge the Congress and the President of the United States to enact legislation that would reinstate the separation of commercial and investment banking functions in effect under the Glass-Steagall Act.

Glass Steagal was put in place to curb the leverage of the banksters to ten times the underlying asset. It DID NOT, or NEVER WILL change the underlying corrupt structure of the bankster Federal Reserve and their ability to print money out of thin air and force us to pay interest for the use of it as DEBT, whether it is leveraged ten times or a hundred times, or whether commercial or investment banking are separate or joined at the hip. Makes no difference, there is NO connection between fiat debt credits and debits, and assets. They are irrevocably separated.

United States Representative Marcy Kaptur has introduced H.R. 129, known as the Return to Prudent Banking Act of 2013, which would revive the separation between commercial banking and the securities business in the manner provided by the Glass-Steagall Act. United States Senator Elizabeth Warren, along with Senators John McCain, Maria Cantwell, and Angus King, has introduced the 21st Century Glass-Steagall Act of 2013 (S. 1282), which would reduce risk for American taxpayers in the financial system and decrease the likelihood of future financial crises; and

Return to prudent banking? There has NOT been ANY prudent banking in this country since Andrew Jackson. John McCain, Maria Cantwell, war mongering corrupt elitist senators? You're kidding, right? Taxpayers? There were no taxpayers prior to 1913 when the Federal Reserve Act was put in place. All income taxes go to pay the INTEREST on DEBT circulating in commerce and ALL OF IT flows upstream to the bankster cabal.

No tweaking of the existing system, or returning to the policies enacted after the great depression will do anything to fix the problem. They didn't work then and they wont work now.

[Carmody]

And when it happens, go back and clean up the mess created by the original repealing. GBH*

*(If at first you don't succeed...Get a Bigger Hammer)

[Ba-ba-Ra]

Good start . . but until we get rid of the Federal Reserve . . . the 98% are still handcuffed.