Resolution Urging Congress to Reinstate the Banking Act of 1933 (Glass-Steagall Act)

From Martha:  (Resolution is here:  2011-6 Resolution to Reinstate Glass-Steagall banking regulations )

I’ve attached the edited and revised edition that I will introduce. It is relevant that McDermott and Cantwelll are on board with the proposals of the resolution, and not relevant that Multnomah County Democrats are.  “the U.S. Congress and Senate have attempted to restore the Banking Act of 1933/Glass-Steagall laws by means of S.2886 Banking Integrity Act (now under the jurisdiction of the Senate Banking Committee), Senate Amendment 3884, H.R. 4375 Glass-Steagall Restoration Act, H.R. 4377 Return to Prudent Banking Act, and H.R. 4461 Banking Integrity Act) to benefit our nation and people; and” was edited to eliminate references to bills that are not currently on the table.

“on April 12, 2011, Kansas District Federal Reserve Governor Thomas Hoenig recommended reclassifying government subsidized financial institutions as Government Sponsored Enterprises for the purpose of preventing them from engaging in activities not prescribed under Glass-Steagall standards; and” was eliminated because Hoenig’s suggestion is AFAIK not included any proposed legistation, and as such is a distraction. If his recommendations are part of proposed legislation, I can add it back.

Also edited for clarity and reformatted according to WSDCC Resolutions Committee formatting standards.


Leave a Reply