Glass-Steagall Legislation Introduced into United States Congress

Democratic Representative Marcy Kaptur of Ohio held a press conference in the House of Representatives on Feb. 1 to announce her introduction of a bill to re-enact Glass-Steagall legislation. Twenty-six other Members of Congress co-sponsored the bill, three of whom made short statements: Republican Walter Jones and Democrats Tim Ryan and Tulsi Gabbard. Bartlett Naylor, an expert on financial markets from Public Citizen, also spoke shortly.

This was the first press conference on Glass-Steagall held in the U.S. House in six years. EIR representatives were in attendance, and LPAC TV live-streamed the event. Three Glass-Steagall lobbying delegations came to organize support for Representative Kaptur’s bill, and for its introduction into the U.S. Senate. The Ohio-centered delegation presented Marcy Kaptur with 650 letters to President Trump calling on him to support such strict bank separation and asked her to deliver them, which she pledged to “find a way to do.”

She opened the press conference by stating, “Recently, there has been a real uptick and support for restoring the Glass-Steagall Act. Fifteen state legislatures, including the state of Ohio, have introduced resolutions calling for Congress to reinstate … Glass-Steagall. The Democratic and Republican Parties enacted Glass-Steagall positions in their … platforms…. President Donald Trump even endorsed the call for ‘a 21st-Century version of Glass-Steagall’ during a campaign statement in Charlotte, North Carolina. We have an obligation to work with him to achieve that.”

Walter Jones, who had also sponsored similar legislation in the last two Houses, added that with 2017 here, the time had arrived to get Glass-Steagall passed; he said he intended to be active with the Administration and fellow Republicans on this.

Tulsi Gabbard of Hawaii recalled that “I have supported Glass-Steagall for a long period of time,” adding that she intended to actively work to get it passed.

Tim Ryan, also of Ohio, called the repeal of Glass-Stagall in 1999 the “original sin that led to the downward spiral of our states and communities,” and he called Glass-Steagall “just the first step” of rebuilding the economy. Rep. Ryan was one of the Congressmen who ran against Minority Leader Nancy Pelosi for Democratic Leader in the House, following the Democratic losses of Congressional seats in the 2016 election.

The AFL-CIO and Public Citizen also support Rep. Kaptur’s bill.