Harris County, Texas Democrats Passes Resolution in Support of H.R. 1489/Glass-Steagall
September 17, 2011 • 9:22AM

At a meeting Thursday night of some 200 Democratic precinct chairs from Greater Houston (as well as candidates, etc.), the Executive Committee of the Harris County Democratic Party voted unanimous support for a resolution (appended below) endorsing "the speedy passage of H.R. 1489."

RESOLUTION OF THE HARRIS COUNTY DEMOCRATIC PARTY EXECUTIVE COMMITTEE

WHEREAS the 1933 Glass-Steagall law, passed as part of President Roosevelt's anti-Depression bank reforms, separated the legitimate activities of commercial banking from the speculative financial activities of private investors; and

WHEREAS the 1999 repeal of Glass-Steagall, initiated by Texas Republican Senator Phil Gramm, brought into the savings banks the abusive speculative activities of Wall Street and foreign interests; and

WHEREAS the ongoing collapse of speculative finance has resulted with the diminishment or loss of trillions of assets, both public and private, which losses have been "bailed out" at the ultimate expense of the taxpayers; and

WHEREAS U.S. Representative Marcy Kaptur has proposed restoring Glass-Steagall standards with HR 1489, 'The Return to Prudent Banking Act',

THEREFORE, BE IT RESOLVED that the Executive Committee of the Harris County, Texas Democratic Party endorses the speedy passage of HR 1489; and also

BE IT FURTHER RESOLVED that the Harris County delegation to the U.S. House of Representatives should co-sponsor this vital piece of legislation.

We also strongly urge that the Senators from Texas, Kay Bailey Hutchison and John Cornyn, initiate and support a parallel piece of legislation in the US Senate.

Copies of this resolution will be sent to members of the Harris County Congressional delegation, and other legislators in the state to encourage broader support.