Breakout for Glass-Steagall
Beginning in U.S. States
March 7, 2013 (EIRNS)On Feb. 28, South Dakota became the first U.S. state in 2013 to pass a resolution calling on Congress to re-enact Glass-Steagall. The vote in the House was nearly unanimous, and the resolution is already on its way to Washington. By March 1, resolutions had been introduced into 10 of the 50 states, with numerous others expected to occur shortly.
There are now 30 co-sponsors in the House of Representatives for Rep. Marcy Kaptur's bill to restore Glass-Steagall (HR 129). This is despite enormous pressure from the White House and Wall Street on Congress not to endorse any such bank separation, including an attempt to divert the discussion of how to deal with the massive money-printing, and the shocking growth of the speculative bubble (including in the stock market), into developing rules on "too big to fail."
Among those not diverted is Thomas Hoenig, vice-chairman of the Federal Deposit Insurance Corporation and former president of the Kansas City Federal Reserve. He is a longtime proponent of Glass-Steagall and optimistic about its chances now. In comments to Bloomberg on Feb. 27, he said:
"I'm slowly getting support, and I think the odds improve as discovery of abuses becomes more pronounced."