Executive Intelligence Review
Subscribe to EIR

PRESS RELEASE


Rep. Kaptur: ‘The Promise Was Written’; Restore Glass-Steagall!

June 13, 2017 (EIRNS)—Interviewed by online TV-streaming channel "Cheddar on Monday" on the Financial CHOICE Act recently passed in the House, Rep. Marcy Kaptur (D-Ohio) kept the focus on the urgency of restoring full Glass-Steagall regulations, as she slammed away at Wall Street, whose "chicanery" and belief in taking speculative risk no matter the consequences, led to the 2008 crisis from which we still suffer.

Cheddar advertises itself as "the leading post-cable network," broadcasting daily from the floor of the New York Stock Exchange. It plays to a younger crowd, and Rep. Kaptur was organizing.

She brought her charts, and told Cheddar watchers that

"the banks should be paying you to rent your money as deposits. When I tell millenials, that in the 1980’s, people holding CD’s were paid 5-10% on their deposits, they say ‘What? 10%!"

Why don’t they pay you now? Because the banks are diverting your money into speculation. The financial system used to treat consumers fairly, but now we have to set up a Consumer Financial Protection Board to try and get some justice, but what is recovered is small compared to what the banks owe the American people.

Cheddar asked if the bill she and Walter Jones (R-N.C.) are sponsoring, "is the 21st century Glass-Steagall Act that President Trump and Steve Mnuchin are looking at?"

Kaptur responded firmly:

"I certainly hope so! There’s a version that exists in the Senate, as well, with just one line of difference, I think, between our two bills, House and Senate. Both political parties endorsed the restoration of the Glass-Steagall Act in their representive platforms last year.

"So it has broad support among the American people. The problem has been to try and get it through the funnel of Congress.

"I hope the President uses his authority. I’m a little concerned about some statements Secretary Mnuchin has been making lately. He sounds like he’s stepping back from the promise that was made,"

Kaptur said, noting that it’s no secret that Mnuchin comes from Goldman Sachs, as do seven of Trump’s close advisors.

"So we’ll see where they are headed, but the promise was written, and it’s in both party platforms."