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Forum Post: Opposition to Glass Steagall in congress

Posted 1 year ago on Dec. 7, 2012, 4:58 p.m. EST by arturo (3169) from Shanghai, Shanghai
This content is user submitted and not an official statement

The two primary leaders in the fight for Glass Steagall in the House of Representatives, Marcy Kaptur (D-OH) and Walter Jones (R-NC), have both been directly attacked by their party leaders and denied their rightful positions on important committees.

Kaptur, the author of the Glass-Steagall bill, HR 1489, was the next in line by seniority to take over as ranking member on the powerful Appropriations Committee. The party leaders chose instead Rep. Nita Lowey (D-NY), a dedicated servant of Wall Street. The Hill described this as "a victory for House Minority Leader Nancy Pelosi (D-Calif.), who championed Lowey."

The party hacks and the press accounts lie that the major issue was abortion rights, since Kaptur is pro-life. But take note that Rep. Walter Jones, the leading Republican fighting for Glass-Steagall, was unceremoniously dumped from the Financial Services Committee by Speaker John Boehner. Jones, an original co-sponsor of HR 1489, is one of only 4 Republican co-sponsors (out of 83 total). Jones circulated a "Dear Colleague" letter to all the House Republicans, and challenged Geithner in a June hearing, on his refusal to consider restoration of Glass-Steagall. Jones has granted three interviews to LaRouchePAC TV on Glass- Steagall as well as his efforts to stop Obama's wars.

Further demonstrating that both parties are in bed with Wall Street to stop Congress from acting on Glass-Steagall, Daniel Tarullo, the head of bank supervision at the Federal Reserve, attacked Glass-Steagall by name in a speech at the Brookings Institute on Tuesday, saying it would impose "substantial costs" and limit financing options available to bank clients. An unnamed banker told the Washington Post at the event that: "To the extent that Tarullo takes a leadership role in getting the evidence to back up any conclusions, [this] is much more productive than just having members of Congress introduce legislation, or create dynamics that force regulators to do things without merit." Apparently these banksters passed on these orders to their tame party leaders, and the axe fell on two of the few courageous members of the Congress.

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8 Comments


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[-] 3 points by DebtNEUTRALITYpetition (641) 1 year ago

Ah yes, the rotten head of the democrat party that pushed out the moderates, (MODERATES SUPPORTE GLASS STEGALL), yet progressives continue to play their democrat constituents into believing they are the good guys.

[-] 3 points by beautifulworld (21609) 1 year ago

Reinstate Glass-Steagall !!!

Byron Dorgan's famous speech from 1999 where he predicted the deleterious outcome of the repeal of Glass-Steagall:

http://www.youtube.com/watch?v=w2nZbo8SKbg

[-] 3 points by Ache4Change (3158) 1 year ago

Thanks for the Great Video. Occupy Glass-Steagal! Elizabeth Warren - walk it like you talked it! Never Give Up! Occupy Wall Street!

[-] 3 points by beautifulworld (21609) 1 year ago

That is one of my favorite videos. Glad you liked it. We're watching you Senator Warren, lol!

[-] 3 points by Ache4Change (3158) 1 year ago

'We're watching you Senator Warren' ... and we're deadly serious! :) Never Give Up Occupying The Issues! Solidarity.

[-] 2 points by therising (6643) 1 year ago

Right on. Thanks for posting this.

[-] 1 points by DebtNEUTRALITYpetition (641) 1 year ago

As a freshmen congresswoman, Warren probably won't get to pass any major bills. First they cut their teeth on more local feel good issues, eventually, they get to try and pass tougher bills, that's just the way it works.

[-] 1 points by Sitapea (-28) from Fort Belvoir, VA 1 year ago

Pelosi is one of the richest members of Congress and heavily invested one must assume.