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Glass-Steagall Legislation Introduced into Congress
April 14, 2011 • 9:28AM
On Tuesday, Rep. Marcy Kaptur reintroduced her Glass-Steagall bill, according to Thomas.gov, which lists: H.R. 1489 Latest Title: "To repeal certain provisions of the Gramm-Leach-Bliley Act and revive the separation between commercial banking and the securities business, in the manner provided in the Banking Act of 1933, the so-called 'Glass-Steagall Act,' and for other purposes." Sponsor: Rep. Kaptur, Marcy [OH-9] (introduced 4/12/2011) Cosponsors (2) Rep. Jones, Walter B., Jr. [NC-3] - 4/12/2011; Rep. Moran, James P. [VA-8] - 4/12/2011 Latest Major Action: 4/12/2011 Referred to House committee. Status: Referred to the House Committee on Financial Services. The Act is given the short title: "Return to Prudent Banking Act of 2011." Under Section 2: "Glass-Steagall Revived," it reads: "Wall between commercial banks and securities activities reestablished."
On Tuesday night Lyndon LaRouche had stated: "What we have, tomorrow, essentially, is the Glass-Steagall Act is going to be announced, presumably tomorrow; it's going to be filed. The Glass-Steagall Act is going to be a flanking procedure, in which, what're we going to do? You say, 'I dunno if we can get it done.' What you're going do, essentially, is say, 'If we do this, this will rout the enemy! Even threatening to do it, will put the enemy off-balance. If we don't do it, we're finished.'
"Warfare.
"So, our object is, to ram this through. And don't tell me why it won't work. If you're going to say, it won't work, that's because you don't work!"