To: The United States House of Representatives and The United States Senate
Time to Restore Sanity on Wall Street
After the Great Depression of 1929, our Government instituted the Glass-Steagall act to prevent banks from gambling away depositors' money on their harebrained schemes. Unfortunately, in the 1990s, Wall Street managed to lobby the Republican-led Congress to create a bill to remove this law, and Bill Clinton signed it. Eventually, this resulted in "derivatives" amid other chicanery creating the Great Recession of 2008, from which the American People are still suffering (even if the 1% are not). Now that there is momentum in both parties to rectify this situation, please contact your Senators and Representatives and strongly urge that they support these bills -- originally co-sponsored by Senators Warren, McCain, Cantwell, and King: The 21st Century Glass-Steagall Act (S. 1709 / H.R. 3054). Thank you for your consideration. Jay Pocius.
Why is this important?
Our economy (along with those of the rest of the world) has suffered greatly from the absence of this law. Efforts to control the damage from the Great Recession STILL keep bank's depositor interest rates so low that many people are depleting their accounts' principal, since what passes for interest returns these days is really an insult.