California Federation of Labor backs Glass Steagall
July 22, 2011 • 8:45PM

On July 21 the California Federation of Labor endorsed a return to Glass Steagall. The full text of their 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Whereas, the Glass-Steagall Act was repealed in 1999, permitting the financial industry to exploit the system for their own gain in disregard of the public interest; and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 reinstating Glass-Steagall; and

Whereas, the national AFL-CIO supports this legislation:

Now Therefore Be It Resolved, that the California Labor Federation supports the enactment of H.R. 1489 and urges members of the California Congressional Delegation in the House of Representatives and in the Senate to co-sponsor 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 California Congressional Delegation and Congresswoman Marcy Kaptur.

Dated July 21, 2011