Millbury, MA Demands Glass-Steagall
June 23, 2013 • 11:31AM

The Special Town Meeting of Millbury, Massachusetts on June 18 demanded Glass-Steagall be restored, overriding a fearful "finance committee" of the town.

"Residents passed, by majority, a citizens petition to have the town petition the state and national House of Representatives and Senate, as well as the President and other political leaders in Washington D.C., to pass a resolution known as the Return to Prudent Banking Act of 2013, also known as the Glass-Steagall Act," reported the Millbury Chronicle.

"The legislation was originally enacted in 1933 to regulate and separate financial services of commercial and investment banks and created a safeguard against failing banks, according to petitioner Terry Burke Dotson....

"Town Meeting attendees rejected the Finance Committee's recommendation to indefinitely postpone the article due to the committees belief that stated it would not be representative of all voters of Millbury."


Millbury, MA.


The text of the resolution reads as follows:

Be it resolved by the Citizens of Millbury, Massachusetts concurring therein:

Section 1. The citizens of Millbury, Massachusetts petition the Senate and the House of Representative of the Commonwealth of Massachusetts to PASS the RESOLUTION of the General Court Respectfully Urging Congress to Enact H. R. 129, the Return to Prudent Banking Act of 2013.

Section 2. The citizens of Millbury, Massachusetts petition the Senate and the House of Representative of the United States of America to ENACT H. R. 129, the Return to Prudent Banking Act of 2013, which is pending before the 113th Congress, to reinstate the restrictions of the Banking Act of 1933 commonly referred to as the GLASS-STEAGALL ACTwhich prohibited commercial banks and bank holding companies from investing in stocks, underwriting securities, or investing in or acting as guarantors in derivative transactions, in order to prevent American taxpayers from again being called upon to fund hundreds of billions of dollars to bail-out financial institutions.

Section 3. The Town Clerk of Millbury, Massachusetts will send a duly certified copy of this Citizens Resolution to the President of the United States, the United States Senate Majority Leader, the Speaker of the United States House of Representatives, and each member of the Massachusetts Congressional Delegation; and also to Governor of the Commonwealth of Massachusetts, The President of the Senate for the Commonwealth of Massachusetts, The Speaker of the House for the Commonwealth of Massachusetts, and each member representing the Town of Millbury in the Commonwealth of Massachusetts Senate and Representative Delegation.