The present and lawful collapse of Wall Street investment banks highlights the need for our nation to reinstate the Glass-Steagall law in our banking system.
Glass-Steagall was enacted under Franklin Roosevelt and served our nation well for over 60 years until it was repealed in 1999, which led to the financial collapse in 2007-08.
Glass-Steagall created a separation between commercial and investment banks.
After its repeal in 1999, investment banks were given access to speculate with the savings and pensions and other formerly protected assets of ordinary citizens.
Currently, there are two bills to reinstate Glass-Steagall, one in the Senate, S 1709, and a companion bill in the House, HR 3054.
These bills need the support of our federal representatives, most of whom to date have refused to support the reinstatement of the law.
I have personally lobbied Rep. Lois Capps to support this for more than 10 years with no success.
I am urging citizens to contact their congressional representatives and demand they support HR 3054 and their senators to sign on to S 1709.
No amount of taxpayer bailout could ever cover the worthless debts of the speculators on Wall Street.
It is imperative that Glass-Steagall be reinstated, and it is your duty to make sure your local representatives hear from you on this very urgent matter.