To: The Indiana State House and The Indiana State Senate
Indiana State Legislature: Resolution for National Congressional Delegation to Reinstate Glass-St...
In recent weeks, the following Resolution has been passed by both houses of the South Dakota State Legislature. It calls for South Dakota's National Congressional delegation to pass National House bill HR-129, to reinstate the Glass-Steagall Act which would return the US financial industry to prudent banking practices.
This resolution passed 19 to 16 in the South Dakota State Senate, and a monumental 67 to 2 in the South Dakota State House of Representatives. Such victories will have a tremendous effect on getting a sister bill sponsored in our National Senate, where Elizabeth Warren and others were elected on the basis of their support for reinstating Glass Steagall.
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A RESOLUTION: Requesting the Congress of the United States to enact legislation that would reinstate the separation of commercial and investment banking functions that were in effect under the Glass-Steagall Act (Banking Act of 1933).
WHEREAS, an effective monetary and banking system is essential to the proper function of the economy; and
WHEREAS, an effective monetary and banking system must function in the public interest without bias; and
WHEREAS, the federal Banking Act of 1933, commonly referred to as the Glass-Steagall Act, protected the public interest in matters dealing with the regulation of commercial and investment banking, in addition to insurance companies and securities firms; and
WHEREAS, the Glass-Steagall Act was repealed in 1999, permitting members of the financial industry to exploit the financial system for their own gain in disregard of the public interest; and
WHEREAS, many financial industry entities were saved by the United States Treasury at a cost of billions of dollars to American taxpayers; and
WHEREAS, within the hundreds of pages of the Dodd-Frank Wall Street Reform and Consumer Protection Act, there are no prohibitions that prevent "too big to fail" financial services organizations from investing in or undertaking substantial risks involving trillions of dollars of derivative contracts; and
WHEREAS, the American taxpayers continue to be at risk for the next round of bank failures, as enormous risks are undertaken by financial services conglomerates:
NOW, THEREFORE, BE IT RESOLVED, by the Senate of the Eighty-Eighth Legislature of the State of South Dakota, the House of Representatives concurring therein, that the Congress of the United States is urged to enact legislation that would reinstate the separation of commercial and investment banking functions that were in effect under the Glass-Steagall Act (Banking Act of 1933). That Act prohibited commercial banks and bank holding companies from investing in stocks, underwriting securities, or investing in or acting as guarantors to derivative transactions, in order to prevent American taxpayers from being called upon to fund hundreds of billions of dollars to bail out financial institutions.
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This state resolution process, to force action in the reinstalling of Glass-Steagall in Congress on the national level, is currently active in more than 20% of the United States.
Please sign this petition so the Indiana State Legislature can help to GET IT DONE!
This resolution passed 19 to 16 in the South Dakota State Senate, and a monumental 67 to 2 in the South Dakota State House of Representatives. Such victories will have a tremendous effect on getting a sister bill sponsored in our National Senate, where Elizabeth Warren and others were elected on the basis of their support for reinstating Glass Steagall.
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A RESOLUTION: Requesting the Congress of the United States to enact legislation that would reinstate the separation of commercial and investment banking functions that were in effect under the Glass-Steagall Act (Banking Act of 1933).
WHEREAS, an effective monetary and banking system is essential to the proper function of the economy; and
WHEREAS, an effective monetary and banking system must function in the public interest without bias; and
WHEREAS, the federal Banking Act of 1933, commonly referred to as the Glass-Steagall Act, protected the public interest in matters dealing with the regulation of commercial and investment banking, in addition to insurance companies and securities firms; and
WHEREAS, the Glass-Steagall Act was repealed in 1999, permitting members of the financial industry to exploit the financial system for their own gain in disregard of the public interest; and
WHEREAS, many financial industry entities were saved by the United States Treasury at a cost of billions of dollars to American taxpayers; and
WHEREAS, within the hundreds of pages of the Dodd-Frank Wall Street Reform and Consumer Protection Act, there are no prohibitions that prevent "too big to fail" financial services organizations from investing in or undertaking substantial risks involving trillions of dollars of derivative contracts; and
WHEREAS, the American taxpayers continue to be at risk for the next round of bank failures, as enormous risks are undertaken by financial services conglomerates:
NOW, THEREFORE, BE IT RESOLVED, by the Senate of the Eighty-Eighth Legislature of the State of South Dakota, the House of Representatives concurring therein, that the Congress of the United States is urged to enact legislation that would reinstate the separation of commercial and investment banking functions that were in effect under the Glass-Steagall Act (Banking Act of 1933). That Act prohibited commercial banks and bank holding companies from investing in stocks, underwriting securities, or investing in or acting as guarantors to derivative transactions, in order to prevent American taxpayers from being called upon to fund hundreds of billions of dollars to bail out financial institutions.
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This state resolution process, to force action in the reinstalling of Glass-Steagall in Congress on the national level, is currently active in more than 20% of the United States.
Please sign this petition so the Indiana State Legislature can help to GET IT DONE!
Why is this important?
Our economy has reached a very dangerous place, and we need to take action at all levels—from grassroots to Federal Government. The Glass-Steagall Act is the indispensable first step to both United States and global economic recovery!
Glass-Steagall will immediately halt the onset of hyperinflation, remove government commitment to toxic debts, bar government bailouts, end Too Big To Fail, and again force the complete separation of commercial banks from investment banks which, 1933 to 1999, protected "we the people" from risky and predatory banking practices. The Glass-Steagall Act must be reinstated immediately so that an orderly reorganization can be started before the collapse of our financial system, and to allow for a transition to regulated banking without dangerous hyperinflation.
Legislation to reinstate the Glass-Steagall Act has been introduced in the 113th Congress as House bill HR-129, and needs a concurrent bill in the Senate. That's why I created this petition to The Indiana State House and The Indiana State Senate.
Glass-Steagall will immediately halt the onset of hyperinflation, remove government commitment to toxic debts, bar government bailouts, end Too Big To Fail, and again force the complete separation of commercial banks from investment banks which, 1933 to 1999, protected "we the people" from risky and predatory banking practices. The Glass-Steagall Act must be reinstated immediately so that an orderly reorganization can be started before the collapse of our financial system, and to allow for a transition to regulated banking without dangerous hyperinflation.
Legislation to reinstate the Glass-Steagall Act has been introduced in the 113th Congress as House bill HR-129, and needs a concurrent bill in the Senate. That's why I created this petition to The Indiana State House and The Indiana State Senate.