National Farmers Union 2011 Policy Statement: Reinstate Glass-Steagall
June 6, 2011 • 10:14AM

The National Farmers Union (NFU) reiterated its support for reinstating the Glass-Steagall Act at its annual convention, March 13-15, 2011, in an overall policy statement enacted by the attendees at proceedings in San Antonio, Texas. It stated, "We call for passage of a banking reform bill which mirrors the Glass-Steagall Act."

The following excerpt is from the 112-page "Policy of the National Farmers Union, Enacted by Delegates to the 109th Annual Convention, March 13-15, 2011," p. 78.

"ARTICLE VIII - Economic Regulation and the Family Farm...

"Section C. Bank Regulation: "From the beginnings of this country, public policy has favored a decentralized banking system, avoiding the abuses that would come from a highly concentrated financial structure. We are concerned about recent trends in bank regulation that have accelerated the loss of independent community banks and have decreased the banks' desire to service agricultural credit needs. It has also reduced community reinvestment. We call for passage of a banking reform bill which mirrors the Glass-Steagall Act. With gross sales transactions in agriculture having increased over the past number of years, we urge consideration of permanently increasing the individual Federal Deposit Insurance Corporation (FDIC) coverage from $100,000 to $250,000. We support making all financial institutions aware that Too Big to Fail will not be tolerated in the future."

- NFU Backed Glass-Steagall in 2010 -

During the 2010 national fight for Glass-Steagall, in opposition to what became the dud Dodd-Frank bill, the NFU issued a statement May 17, 2010, stating that the "NFU has long opposed efforts to deregulate financial markets, including the repeal of the Glass-Steagall Act in 2000. Rolling back regulations which had maintained our economy, removed protections from financial institutions that posed a systemic risk to our economy, allowing the crash of 2008 to happen."

The NFU was founded in 1902 in Texas, and today represents the interests of farmers and ranchers nationally, with 25 organized divisions, serving members in 32 states. The organization asserts, as a point of pride, that its policy statements, enacted every year at its March convention, reflect a "policy process" initiated through resolutions at the local and state level.