Kentucky State AFL-CIO Executive Board passes Glass Steagall Resolution
June 23, 2011 • 1:01AM

On July 13, 2011 the Kentucky State AFL-CIO Executive Board passed a resolution in support of a return to Glass Steagall. The full text is as follows:

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WHEREAS, the Glass-Steagall Act was repealed in 1999, permitting the financial industry to exploit the system for their own gain in disregard of the public interest; and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

WHEREAS, the National AFL-CIO supports this legislation;

NOW THEREFORE BE IT RESOLVED, that the Kentucky State AFL-CIO, supports the enactment of H.R. 1489 and urges members of the Kentucky Congressional Delegation in the House of Representatives and Senate to co-sponsor and vote for H.R. 1489, 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 Kentucky Congressional Delegation and Congresswoman Marcy Kaptur.

Adopted by: Kentucky State AFL-CIO Executive Board

Date: July 13, 2011