Northwest Washington Central Labor Council Supports Glass Steagall
July 20, 2011 • 10:32PM

On July 20 the Northwest Washington Central Labor Council (AFL-CIO) passed a resolution endorsing the Glass-Steagall legislation in Congress.
The full text of the resolution 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Whereas, the Glass-Steagall Act was repealed in 1999, permitting the financial industry to exploit the system for their own gain in disregard of the public interest; and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 Representatigves 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 national AFL-CIO supports this legislation:

Now Therefore Be It Resolved, that the Northwest Washington Central Labor Council supports the enactment of H.R. 1489 and urges members of the Washington Congressional Delegation in the House of Representatives and in the Senate to 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 Congressional Delegation.