Glass Steagall Resolution for the Bell County Democratic Party
October 21, 2011 • 12:02PM

The following resolution passed the Bell County Democratic Party Executive Committee in Texas on Oct. 14 unanimously. The same resolution will also be on the agenda of the State Democratic Executive Committee meeting on Nov.15th.

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 investment banking and 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 continuing collapse of speculative finance has resulted with the diminishment or loss of trillions of assets, both public and private, which assets have been and continue to be “bailed out” at the ultimate expense of taxpayers; and

WHEREAS U.S. Democratic Representative Marcy Kaptur has proposed restoring Glass-Steagall with HR 1489, “The Return To Prudent Banking Act “;

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

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

5. We also strongly urge that the Senators from Texas, Kay Bailey Hutchison and John Cornyn, initiate and support parallel legislation in the U.S. Senate