Support Builds for Glass Steagall in Washington State
July 19, 2011 • 10:09AM

Last night the 33rd Legislative District Democratic Committee of Washington State passed a Glass Steagall resolution, becoming the fourth such district in Washington to do so. This density of upwelling support for the Glass Steagall in the Washington area is indicative of the growing hunger among the vast majority of the population for the possibility of survival from the crisis.
We include below the full text of the Glass Steagall resolution of support from the 33rd Legislative District Democratic Committee of Washington State. However, we also encourage you to visit the LaRouchePAC.com Glass Steagall page for the focused front of the fight for Glass Steagall!

Resolution in Support H.R. 1489, "The Return to Prudent Banking Act"

Whereas, an effective money and banking system is essential to the functioning of the economy; and

Whereas, such a system must function in the public interest, without bias; and

Whereas, since 1933, the Federal Banking Act (known as Glass-Steagall) protected the public interest in matters dealing with the regulation of commercial and investment banking in addition to insurance companies and securities firms; and

Whereas, the Glass-Steagall Act was repealed in 1999, permitting the financial industry to exploit the system for their own gain in disregard of the public interest; and

Whereas, the House of Representatives and the Senate have been making efforts to restore the protections in the Glass-Steagall Act; and

Whereas, Congresswoman Marcy Kaptur has introduced H.R. 1489 known as the "Return to Prudent Banking Act" and re-installing Glass-Steagall; and

Whereas, the Washington State 33rd Legislative District Democrats support this legislation:

Now Therefore Be It Resolved, that the 33rd Legislative District Democrats support the enactment of H.R. 1489 and urges members of the Washington State Congressional Delegation in the House of Representatives and in the Senate to cosponsor and vote for this bill which will restore the protections of the Glass-Steagall Act; and

Be It Finally Resolved that a copy of this resolution be sent to the Washington State Congressional Delegation and congresswoman Marcy Kaptur.