WV Plumbers Local Endorses Glass Steagall
September 2, 2011 • 10:14AM

Local 521 of the Plumbers and Pipefitters, in West Virginia, passed a resolution in favor of 1489 on Aug. 16. The full resolution is as follows:

WHEREAS, an effective money and banking system is essential to the functioning of 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WHEREAS, the Glass-Steagall Act was repealed in 1999, permitting the financial industry to exploit the system for their own gain in disregard of the public interest; and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; 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 Plumbers & Pipefitters Local 521 support the enactment of H.R. 1489 and urges members of the West Virginia, 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 West Virginia Congressional Delegation and Congresswoman Marcy Kaptur.

Submitted by: Dorman Sargent
Adopted by: The membership of Local 521
Date: 8-16-2011