German Landtag Member Writes Letter to U.S. Congress Urging Passage of Renewed Glass-Steagall Ac
July 17, 2013 • 7:07AM

The following letter to U.S. Senators and Members of the House of Representatives, from member of the Schleswig-Holstein Landtag Flemming Meyer, chairman of the South Schleswig Voters Alliance (Südschleswigscher Wählerverband, SSW), was prompted by his meeting the Schiller Institute at the June 13-16 "People's Meeting" Danish national town meeting on the Baltic island of Bornholm. On that occasion, he signed a similar petition to the Danish Parliament urging passage of a Glass-Steagall-type law. The SSW party represents the Danish minority in the German state of Schleswig-Holstein.

"Personal letter from Flemming Meyer, member of the state parliament of Schleswig-Holstein, Germany, and party chairman of the South Schleswig Voters Alliance (Südschleswigscher Wählerverband), which represents the Danish minority in the German state.

"Dear members of the United States Senate and House of Representatives,

"The undersigned respectfully urges and requests that the United States Congress enact legislation that would reinstate the separation of commercial and investment banking functions that was in effect under the Glass-Steagall Act, the Banking Act of 1933, enacted during the Roosevelt Administration.

"That law prohibited commercial banks and bank holding companies from investing in stocks, underwriting securities or investing in or acting as guarantors to derivative transactions, in order to prevent taxpayers from being again called upon to bail out financial institutions. A law in that spirit must immediately be enacted in the U.S., Germany, Denmark and other nations."

Sincerely,

Flemming Meyer