Buffalo, New York, City Council Passes Resolution for Glass-Steagall
October 20, 2011 • 12:43PM

On October 18, the Common Council of the City of Buffalo, NY, passed a resolution "Urging Congress to enact the 'Return to Prudent Banking Act of 2011' (H.R. 1489) as quickly as possible." The resolution was introduced by Councilman Demone Smith, who had also introduced the resolution for Lyndon LaRouche's Homeowners and Bank Protection Act, HBPA, in November 2007, although that stalled until the meltdown and the run-up to the TARP bailout fight spurred it to passage in September 2008.

Buffalo, a city of over a half-million people in the 1950s, now has a population of 260,000, following decades of decline of basic industry, due to the policies of deregulation and deindustrialization after Nixon's cancelling of the FDR Bretton Woods Monetary System in 1971. Reinstating Glass-Steagall will be the first step in reversing this process.