Tuscany Regional Council sends Glass-Steagall draft bill to Parliament
July 4, 2014 • 9:21AM

The Tuscany Regional Council approved with overwhelming majority on Wednesday, the new Glass-Steagall draft bill submitted by Councilman Gabriele Chiurli. The text goes now to the National Parliament for examination. EIR sources report that interest for the new text has already arisen and some MPs could adopt the text independently.

"The draft bill is simple", Chiurli explains on his website. "It is based on the assumption that banks chartered for managing family and company savings cannot invest that money in risk operations, jeeopardizing the stability of the bank itself – see the case of Monte dei Paschi di Siena." The draft bill modifies the Single Banking Act of 1993, establishing two sections in the national charter of financial institutions, and defining duties and bans according to the section. "Between commercial banks and investment banks", Chiurli states, "there shall be no commercial or equity relationship. Also double jobs in banks of different category are banned."

The bill provides a favourable tax regime for commercial banks and defines sanctions for violations of the law.

"For years now, the issue of banking separation after the model of Roosevelt's 1933 Glass-Steagall Act (…) has been discussed. The Tuscany Region itself has approved a motion to that effect and there are at least eleven draft bills in the national parliament. But so far – Chiurli stresses – nobody acted. This is not a mandate to the government; here the key principles are already established for a necessary and very urgent reform of the banking system."

Also on Wednesday, Chiurli introduced a new motion, on the subject of the Eurasian Landbridge. It says, among other things, that "the idea of a 'bridge' between Europe and Asia along the ancient Silkroad, with the opportune 'deviations' dictated by modern needs, is an old one. This project was first launched by US politician Lyndon LaRouche after the fall of the Berlin Wall, which he saw as offering the opportunity of starting an economic and social reconstruction from the Atlantic to the Urals and beyond, involving China, South West Asia and India"

Pressure on the Italian Senate Committee for Real Glass-Steagall Bill

The Finance Committee of the Italian Senate has put the discussion on the nine draft bank separation bills on its agenda, but the discussion of EU bills has so far blocked the discussion.

Eight bills are for a clear-cut separation, and one is for the EU "Muckefuck" (phony) version. The speaker, Committee Chairman Mauro Maria Marino, is of the same party (PD) of the Muckefuck author, committee member Gianluca Rossi, and co-signer of the Muckefuck draft bill. This faction is expected to get a majority behind their version, helped by bigwigs such as Linda Lanzillotta (wife of Franco Bassanini) and Carlo Azeglio Ciampi, in short, the Britannia Boys and Monte dei Paschi di Siena bank (MPS).

On the other side, competent opposition is expected from Giulio Tremonti, Giuseppe Vacciano (M5S), and some Lega representatives.

Tuscany Regional councilman Gabriele Chiurli letter to all members, stressing the significance of the Tuscany Regional vote both politically as well as constituency-based has put added pressure on the committee. In fact, the PD, the ruling party in Tuscany, has big influence nationally, and the signal coming from it is opposite to the line coming from the representatives in the committee. "I would like to stress," Chiurli tells the Senators, "that such a [Tuscany] draft bill has been discussed, debated and approved in its entirety and sharpness by the almost totality of Councilmen. ... As PD Councilman Marco Spinelli emphasized, such an Act is most necessary in the Italian banking and financial, as well economic system, so heavily hit by events as you well know."