Rep. Michael Capuano (MA-8) stressed the need for his colleagues in Congress to sign on to H.R. 1489, the bill to repeal Gramm-Leach-Bliley and restore the Glass-Steagall banking regulations, during a House Financial Services Committee hearing today with federal regulators responsible for overseeing and regulating the risks leading to losses by JP Morgan in its recent London "Fail Whale" debacle. Representative Capuano in his remarks said that he had been against the repeal of Glass-Steagall from the outset, and that the Graham-Leach-Bliley Act had been a major mistake and represents the source of the problem evidenced now by the losses incurred by JP Morgan. Unlike many of the recent seeming advocates for restoring Glass-Steagall, Capuano is one of the few to put his endorsement behind the only active legislation to accomplish this restoration. H.R. 1489 currently has 67 cosponsors and is presently in House Financial Services Committee, which itself has 6 members who cosponsor the bill.
As economist Lyndon LaRouche has emphasized recently, the re-implementation of Glass-Steagall is the first step to restoring the American System of Public Credit, and represents the only hope to save the United States and the world from the economic collapse in process.
Call Congress today and tell your representative to act now!