162 Organizations Urge Senators To Co-sponsor Glass-Steagall Act
June 18, 2014 • 9:27AM

One-hundred-sixty-two organizations, representing millions of Americans, sent a letter to Senators on June 16th, urging them to co-sponsor the 21st Century Glass-Steagall Act (S. 1282). June 16th marked the 81st anniversary of FDR's signing the 1933 Banking Act, which included the Glass-Steagall banking separation provisions. Support for the initiative was coordinated by Public Citizen and Americans for Financial Reform.

"This letter demonstrates continued broad support for lasting financial reform and putting an end to taxpayer bailouts of 'too big to fail' banks," said Susan Harley, deputy director of Public Citizen's Congress Watch division. "Banking should be about institutions serving communities by providing needed financial services to businesses and families, not about banks gambling with taxpayer-insured deposits."

S. 1282 was introduced by a bipartisan group including U.S. Sens. Elizabeth Warren (D-MA), John McCain (R-AZ), Angus King (I-ME), and Maria Cantwell (D-WA). It now has nine Senate co-sponsors. A companion bipartisan House bill, H.R. 3711, introduced by U.S. Reps. John Tierney (D-MA) and Walter Jones Jr. (R-NC) has 10 other co-sponsors.

Signatories of the letter include business associations, labor unions, law firms, faith organizations, state lawmakers, national and state consumer groups, and others.

Consumer Reports made note of the letter in an article headlined "Support Builds for New Glass-Steagall Act," based on a release by Consumer Reports. Consumers Union, the policy and advocacy arm of Consumer Reports, is one of the institutional signers of the letter.