A War Over Glass-Steagall at National Conference of State Legislatures, and Across the Nation
There is a direct confrontation underway at the National Conference of State Legislatures (NCSL) now meeting in Atlanta, between the forces favoring reenactment of Glass- Steagall (headed by Lyndon LaRouche and LaRouche PAC), and the criminal Wall Street gang desperate to stop that drive at all costs.
The hand-to-hand combat underway led to Delaware State Sen. Katherine Cloutier pulling her resolution for the reenactment of Glass-Steagall Tuesday, but the situation remains very fluid as the conference continues.
The widely-read Washington insider publication Politico reported on the NCSL brawl in Ben White's "Morning Money" blog, and in an article by its reporter Kevin Cirilli Aug. 13. Cirilli reported that Sen. Cloutier withdrew her amendment during a committee meeting, with no explanation except that "she reached the decision after hearing concerns from within Delaware." Cirilli also reported that NCSL Director Neal Osten told him, "I know some of the people that are still for the resolution may try to bring it up on the floor on Thursday, but that would be extremely difficult."
Cirilli's lengthy article also reported that lawmakers are pressing the issue in other states, and quoted state legislator Rep. Mary Flowers (D-IL) and MD Delegate Aisha Braveboy, and others about the need for Glass-Steagall.
Politico's blow-by-blow, relatively straight coverage — other than its failure to mention Lyndon LaRouche and LPAC's role — of the Glass-Steagall fight at the NCSL convention is unusual, and is being widely followed in Washington.
Cutting to the chase, Cirilli reports, "Large banks aren't taking the issue lightly. Take Delaware — corporate home to the credit card operations of several banks. When a group of bipartisan state sentors introduced a resolution in June calling for a return to Glass-Steagall, four lobbyists — including those working on behalf of JPMorgan Chase and Bank of America — showed up at a hearing to denounce the idea. The resolution was shelved."
The report on the battle over Glass-Steagall at the NCSL gathering was also picked up from Politico by Market Watch late Wednesday, as well as ThinkProgress.org. The latter reports, "These States Want Congress to break up big banks," and begins: "A strange pro-bank turnaround at the National Conference of State Legislatures conference marks the latest twist in a largely overlooked effort by state legislators around the country to get Congress to impose real limits on banking giants."
"These resolutions are non-binding and symbolic. Only the federal government has the ability to reinstate the wall between investment and commercial banking. The idea behind the resolutions, however, is to help Sen. Elizabeth Warren put pressure on the rest of Washington..." After a long report of where resolutions have passed, who is for G-S, and who isn't, the article, in closing, states, "A new Glass-Steagall may be the most popular new proposal for limiting the risk posed by a bloated financial sector, but it's hardly the only one..." and names some "also-ran" schemes.
For more on Wall Street's fight to sabotage Glass-Steagall see "Wall Street Mafia In Desperate Drive To Stop Glass-Steagall" and "MOMENT OF TRUTH IN ATLANTA: Glass-Steagall, Or America Is Doomed!"
