House in Alabama, Home of Henry Steagall, Unanimously Passes Glass-Steagall Resolution
May 3, 2013 • 11:39AM

On Tuesday, April 30th, the Alabama House of Representatives gave unanimous consent to HR 121, one of 18 state resolutions demanding that the U.S. Congress immediately take action to reinstate the Glass-Steagall Act of 1933. The original sponsor of the Alabama Resolution, Rep. Thomas Jackson (D-Jacksonville), knew it would be a tough fight in this highly partisan and contentious session, to move his resolution from the Rules Committee to the floor for a full vote. With determination, Jackson approached various members of the majority party, directly asking them what the objection is to HR 121, knowing full well the response would be, "There are bankers who just don't like it." He pushed forward, insisting, "All we are asking is for Congress to take up this issue. They need to hear from us, Dodd-Frank is not what we need." The resolution is now in the Alabama Senate, with some heavy lifting necessary to move it through to passage.

Some in the South believe the spirit of Alabama's late Democratic Congressman Henry Steagall (1915-43), then Chairman of the Banking and Currency Committee and co-sponsor of FDR's original 1933 Glass-Steagall Act, will inspire HR 121's swift passage.