"Bailout Barney" is Personally Sitting On, And Blocking, Glass-Steagall Revival
September 8, 2010 • 8:52AM

As the U.S. economy and financial system continue to careen into the breakdown crisis, there are four pieces of legislation before the U.S. Congress — one in the Senate and three in the House of Representatives — which would revive FDR's Glass-Steagall provisions.

All three of the House bills, which were introduced in December 2009, were referred to Barney Frank's Financial Services Committee, where they have yet to receive a hearing. This is on top of the fact that Frank personally refused to permit one of the bills, that by New York Democrat Maurice Hinchey, to be added to the House Financial Reform bill as an amendment.

The three House bills are: H.R. 4375, The Glass-Steagall Restoration Act, introduced by Hinchey and joined by 14 co-sponsors; H.R. 4377, The Return to Prudent Banking Act, introduced by Rep. Marci Kaptur (D-OH), with 2 co-sponsors; and H.R. 4461, the Banking Integrity Act, introduced by Rep. John Dingell (D-MI), with no co-sponsors.

The Senate bill, as is well known, is that introduced by Senators Maria Cantwell (D-WA) and John McCain (R-AZ), called the Banking Integrity Act (S. 2886), with 6 co-sponsors.

There is, of course, one simple way to move the Glass-Steagall bill in the House, and that is to remove the major immediate obstacle to its passage: Barney Frank.