To: Rep. Mary Scanlon (PA-5), The United States House of Representatives, and The United States Senate
Restore the Glass-Steagall Act
We are in the midst of the greatest transfer of wealth to a scarce few individuals and banks, all of it being done within the boundaries of laws that the bankers themselves have either written or paid well to have written. Glass-Steagall prevented this egregious behavior and must be reinstated.
Why is this important?
For decades, the Glass-Steagall Act supported prosperity in the United States. It did so by reining in risky behavior by financial institutions.
Its repeal in 1999 led to reckless and ruinous financial practices. In 2008, those practices caused worldwide financial disaster. Despite efforts to enact laws that would protect our financial system, intense lobbying by the banking industry has meant that our financial system and economy remain at risk.
Our banking system must be stable and must serve the people by creating an economy that supports all of us, not just the wealthy.
The Glass-Steagall Act provided excellent protections for the economy as a whole. While it may require updating to meet the challenges of today's more interconnected world, its reenactment will limit risk and provide a secure economy.
Contact your legislators, and sign this petition: Reinstate the Glass-Steagall Act Now.
Its repeal in 1999 led to reckless and ruinous financial practices. In 2008, those practices caused worldwide financial disaster. Despite efforts to enact laws that would protect our financial system, intense lobbying by the banking industry has meant that our financial system and economy remain at risk.
Our banking system must be stable and must serve the people by creating an economy that supports all of us, not just the wealthy.
The Glass-Steagall Act provided excellent protections for the economy as a whole. While it may require updating to meet the challenges of today's more interconnected world, its reenactment will limit risk and provide a secure economy.
Contact your legislators, and sign this petition: Reinstate the Glass-Steagall Act Now.