Executive Intelligence Review
Subscribe to EIR

PRESS RELEASE


National LULAC Convention Passes Resolution for Glass Steagall

July 11, 2015 (EIRNS)—The annual national convention of LULAC, meeting in Salt Lake City, passed a resolution today urging adoption of H.R. 381 and S. 1709. LULAC is the largest Hispanic civil rights organization in the U.S. More details to follow.

The original text of the resolution appears below. (As of this moment, we do not know if there were any changes, but believe it passed as drafted):

RESOLUTION: LULAC REAFFIRMS SUPPORT FOR RESTORATION OF GLASS-STEAGALL BANKING LAW, URGES ADOPTION OF H.R. 381 AND S. 1709

WHEREAS, in response to the Great Depression of the 1930s, Congress enacted the Federal Banking Act of 1933, known as the Glass-Steagall Act, that separated commercial banking from investment and speculative banking; and

WHEREAS, the Glass-Steagall Act successfully protected American citizens and jobs from 1933-1999, when it was repealed, allowing commercial and speculative bank activity to merge, underwriting financial bubbles in the tens of trillions of dollars and creating banks too big to fail; and

WHEREAS, the hyper-leveraged mass of debt is now on the verge of a new 2008-style blow-out, with Greece and Puerto Rico demonstrating the need for immediate debt reorganization beginning with restoring Glass-Steagall; and

WHEREAS, in its July 2011 national convention, LULAC endorsed the restoration of Glass-Steagall, to re-connect the banking system with productive jobs, infrastructure, and other physical economic growth; and

WHEREAS, H.R. 381, the Return to Prudent Banking Act of 2015, calling for the re-instatement of Glass-Steagall, was introduced in January 2015 and currently has over 60 bipartisan co-sponsors; and the parallel S. 1709, the 21st Century Glass-Steagall Act, was introduced July 7, 2015, with four bipartisan co-sponsors;

THEREFORE, BE IT RESOLVED, that LULAC reaffirms its support for the restoration of the Glass-Steagall banking law, and demands that Congress immediately enact H.R. 381 and S. 1709.