Ecco la risoluzione per Glass-Steagall che verrà presentata oggi al congresso nazionale delle State Legislatures USA (consigli regionali di tutti gli USA) 1 COMMITTEE: COMMUNICATIONS, FINANCIAL SERVICES AND 2 INTERSTATE COMMERCE 3 4 POLICY: RESOLUTION TO URGE THE CONGRESS AND 5 THE PRESIDENT OF THE UNITED STATES TO 6 ENACT LEGISLATION CURRENTLY BEFORE 7 THE CONGRESS, THAT WOULD REINSTATE 8 THE SEPARATION OF COMMERCIAL AND 9 INVESTMENT BANKING FUNCTIONS 10 PREVIOUSLY IN EFFECT UNDER THE GLASS- 11 STEAGALL ACT. 12 13 TYPE: RESOLUTION 14 15 16 WHEREAS, from 1933-1999, the Federal Banking Act of 1933, known as 17 the Glass-Steagall Act, protected the public interest in matters dealing with 18 the regulation of commercial and investment banking; and 19 20 WHEREAS, the Glass-Steagall Act was repealed in 1999, contributing to 21 the greatest speculative bubble and worldwide economic distress since the 22 Great Depression of 1933; and 23 24 WHEREAS, the impact on the states has been intense and growing, as the 25 loss of revenue due to unemployment and U.S. Federal Government cuts 26 and sequester provisions, and increased demands on state budgets for 27 compensatory payments, have put severe financial strains on states, 28 counties, and cities; and 29 30 WHEREAS, the Federal Reserve has issued several trillion dollars in cash 31 to the Wall Street banks to buy their devalued derivatives securities, and 32 the banks have used this money to increase their speculation in similar 33 derivatives; and this bailout has ironically resulted in a net decrease in real 34 lending to businesses, state and city projects, only now approaching levels 35 of 7 years ago; and 36 37 WHEREAS, state resolutions urging the U.S. Congress to re-enact the 38 Glass-Steagall banking law have been introduced in 27 states, and have 39 passed by large majorities in four; and on June 16th, 2014, 162 40 organizations representing millions of Americans sent letters to the U.S. 41 Senate urging adoption of the 21st Century Glass-Steagall Act (S. 1282); 42 and on July 9, 2014, a group of six institutions, including Public Citizen and 43 Americans for Financial Reform, delivered petitions with almost 600,000 44 signatures to the Senate requesting the same action; and 45 46 WHEREAS, A bill to restore the Glass-Steagall framework, H.R. 129, has 47 been introduced into the U.S. House of Representatives by 48 Congresswoman Marcy Kaptur and currently has 81 bipartisan co- 49 sponsors; and a similar bipartisan bill, the 21st Century Glass-Steagall Act, 50 has been introduced into the Senate, S. 1282, by Sens. Warren, McCain, 51 King and Cantwell with 6 other co-sponsors; and a companion bipartisan 52 bill in the House, HR 3711, introduced by Reps. Tierney and Jones, has 11 53 other co-sponsors; 54 55 NOW, THEREFORE: 56 57 BE IT RESOLVED that the National Conference of State Legislatures urges 58 Congress to enact the Glass-Steagall legislation currently before the 59 Congress, that reinstates the separation of commercial and investment 60 banking functions, prohibiting commercial banks and bank holding 61 companies from investing in stocks, underwriting securities or investing in 62 or acting as guarantors to derivatives transactions; and 63 64 BE IT FURTHER RESOLVED that a copy of this resolution be sent to the 65 President of the United States, to presiding officers of each house of 66 Congress, and to each member of Congress.
Posted on: Wed, 20 Aug 2014 10:33:20 +0000
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