To: President Donald Trump, The United States House of Representatives, and The United States Senate
Separate Commercial Banks from Investment Banking-Again
Restore Financial System Stability by Separating Commercial Banking from Investment Banks-Again
Why is this important?
Our present financial crisis is rooted in the revocation of Glass-Steingold Act of 1933 which mandated the separation of commercial and investment banks and created an environment for investment banks to become involved in high-risk, unprotected behavior without the controls that commercial banks operate under.
Lobbyist slowly chipped away this Law, over the last 70 years, removing its last provision under Clinton; the separation of Commercial (Local savings and loans) from Investment banking (Wall Street, basically-gambling). The results, we and other countries' governments (the people) are held hostage, bank's profits are privatized, big bonuses paid but, their losses are socialized.
This is like your neighbor going, Las Vegas to gamble. But instead of using their money, they place bets using your family's checking and savings, your home, any and all retirement income AND; they loose it all, saying "I'm just playing by the Rules, I can do that, but you can't. It's just too complicated for you to understand."
Change the Rules: Separate Commercial Banks from Investment Banking-Again
Lobbyist slowly chipped away this Law, over the last 70 years, removing its last provision under Clinton; the separation of Commercial (Local savings and loans) from Investment banking (Wall Street, basically-gambling). The results, we and other countries' governments (the people) are held hostage, bank's profits are privatized, big bonuses paid but, their losses are socialized.
This is like your neighbor going, Las Vegas to gamble. But instead of using their money, they place bets using your family's checking and savings, your home, any and all retirement income AND; they loose it all, saying "I'm just playing by the Rules, I can do that, but you can't. It's just too complicated for you to understand."
Change the Rules: Separate Commercial Banks from Investment Banking-Again