Iceland Introduces Glass-Steagall
August 3, 2012 • 2:58PM

In the wake of the LaRouchePAC mobilization for the U.S. Congress to pass Glass-Steagall legislation, Iceland has introduced Glass-Steagall legislation into the parliament. According to an article by Omar R. Valdimarsson, on "The Icelandic lawmaker who presented the motion, Alfheidur Ingadottir, says the best way to stop banks creating asset bubbles is to pass laws akin to the 1933 Glass-Steagall Act, which separated commercial and investment banking in the U.S. for more than six decades."

The article referenced the fact that Glass-Steagall has been gaining international traction, citing the recent case of the conversion of Sandy Weill, from the "shatterer of Glass-Steagall," to a leading advocate. LaRouchePAC has been the leading the international mobilization for Glass-Steagall, which mobilization has been echoed by a slew of international statements of endorsement, including a string of recent editorials.

The Businessweek article quotes the CEO of Straumur Investment Bank hf Petur Einarsson: “If commercial and investment banking aren’t separated now, we might have to wait a long while before such an opportunity presents itself again...”