Tell Congressional Republican leadership: Follow your party platform and reinstate Glass-Steagall.
Tell Congressional Republican leadership: Follow your party platform and reinstate Glass-Steagall.
In a shocking move last week, Republicans added a plank to their platform calling for the reinstatement of the Glass-Steagall divide between investment and commercial banking.1
For decades, the original Glass-Steagall Act separated general banking – like savings deposits and small business loans – from the kind of high-risk speculative trading done by investment banks that crashed the economy. But ever since banks started chipping away at the law and eventually repealed it in the 1990’s, we’ve seen a resurgence of risky gambles and financial crashes from banks that hold Americans’ savings.2
The truth is that Congressional Republican leaders are trying to have it both ways – talking tough, without walking the walk. Congressional Republicans try to blame President Obama for the continued existence of too-big-to-fail banks, while pushing legislation that would give free rein to the fraudsters who crashed our economy.3 Let’s demand that Republican leadership in Congress follow their platform and schedule an immediate vote on the 21st Century Glass-Steagall Act....
