Ohio Rep. Kaptur sends letter to ALL her colleagues (see text below)

DON’T SIT ON THE SIDELINES! JOIN THE FIGHT!


It is time we cancelled Wall-Street’s bailout and got the taxpayer’s money back. Just impose Glass-Steagall and get $15-17 TRILLION back—so that we can start rebuilding our nation, starting with saving the cities and states.

The bailout started in 2008 has never stopped. The Federal Government, including the Federal Reserve, is still pouring trillions of dollars into supporting a bankrupt banking system and its extensive gambling debts. The Fed is providing money to the banks in exchange for worthless toxic assets, dispensing money thru “quantitative easing,” guaranteeing virtually every mortgage issued through Fannie and Freddie, and providing essentially no-interest loans to the banks! THIS MUST STOP! Get your Representative to join Marcy Kaptur and her bipartisan co-sponsors in bringing back the Glass-Steagall law.

Text of Rep. Marcy Kaptur's 'Dear Colleague' letter on Glass-Steagall
April 26th, 2011 • 8:29 PM Reinstate Glass-Steagall
Cosponsor H.R. 1489, “The Return to Prudent Banking Act”

Dear Colleague:

I am writing to request your support for H.R. 1489, “The Return to Prudent Banking Act.” I recently reintroduced this legislation to strengthen our financial system by reinstating Glass-Steagall.

In response to the failure of thousands of banks across the country, Congress enacted the Banking Act of 1933, commonly known as Glass-Steagall, during the height of the Great Depression. This statute safeguarded the American economy for decades by legally separating commercial and investment banking. Such a common sense system provided greater security to banking deposits in commercial banks. Additionally, investment banks were only able to leverage their own funds, limiting the systemic risks of the American citizenry. For decades, Glass-Steagall was a cornerstone of the U.S. financial system, until the Gramm Leach Bliley Act unwisely completely ended this important financial regulation in 1999.

With the repeal of the Glass-Steagall Act over a decade ago, the U.S. economy was exposed to an intolerable level of risk, and the recent financial crisis was certainly exacerbated by the removal of these safeguards. I believe that we must limit the potential for future economic collapses by returning to a more prudent banking system in which banks must once again choose between investment activities or commercial lending. If you would like more information or would like to become a co-sponsor of H.R. 1489, please contact John Brodtke in my office at john.brodtke@mail.house.gov.

Sincerely,

MARCY KAPTUR
Member of Congress