Iowa AFL-CIO's Hawkeye Labor Council Calls for Passage of H.R.1489 to Reinstate Glass Steagall
August 8, 2011 • 10:05AM

The Hawkeye Labor Council, AFL-CIO, in east-central Iowa, passed a "Resolution in Support of H.R. 1489—'The Return to Prudent Banking Act'" in late July. The full text is below. The resolution has been submitted for action by the full Iowa Federation of Labor, AFL-CIO.

Representing seven counties, the Hawkeye Council is one of 14 Central Labor Councils of the state AFL-CIO. The Hawkeye Council's office is in Cedar Rapids, the second largest city in the state, with 126,000 people (440,000 in the metropolitan corridor).

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WHEREAS, the Glass-Steagall Act was repealed in 1999, permitting the financial industry to exploit the system for their own gain in disregard of the public interest; and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

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

NOW THEREFORE BE IT RESOLVED, that the Executive Board of the Hawkeye Labor Council, AFL-CIO supports the enactment of H.R. 1489 and urges members of the Iowa 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 Iowa Congressional Delegation and Congresswoman Marcy Kaptur.

[Signed by the officers, Shelley Parbs, President; and Randy Sconyers, Treasurer]