Progress on Glass-Steagall, American Recovery Progam

FROM EIR

Now that Rep. Marcy Kaptur has reintroduced her Return to Prudent Banking Act into the Congress, a return to Glass-Steagall banking separation is back on the agenda. The number is HR 790, and it has been referred to the House Financial Services Committee. There are currently 32 sponsors.

Activists have begun again to mobilize in state capitols to pass memorials for Glass-Steagall. Over the first six weeks of this year, 11 state legislatures have seen the introduction of resolutions calling on Congress to reinstate Glass-Steagall. These states are Delaware (House Concurrent Resolution 8); Iowa (Senate Resolution 1); Maryland (HJ0004); Mississippi (House Resolution 17); New Mexico (Senate Memorial 25); South Carolina (H 3344); Virginia (HJR643); Illiinois (SR 55); Minnesota (Senate Resolution 1075 House Resolution 934); Alabama ( HR 60) ; Rhode Island Senate (SR 263) and Washington state (Joint Memorial 8006).

In seven of these states-Mississippi, New Mexico, South Carolina, Illinois, Rhode Island, Minnesota, Alabama, and Washington state-the memorials go beyond simply Glass-Steagall, and locate that measure as the first step in a four point program for a full American recovery program. The other steps are the reinstitution of a Hamiltonian national bank, a program of advanced infrastructure construction, and the pursuit of fusion energy and space exploration.

The composition of the state sponsors underscores the point that Glass-Steagall remains a bipartisan issue. In Maryland, the bill was introduced by a leading Republican. In Virginia, two Republicans joined five Democrats in supporting the bill. Back in 2013 memorials for Glass-Steagall were passed by overwhelmingly Republican state legislatures in South Dakota and Indiana, to name two.