Sending Office: Honorable Marcy Kaptur
Sent By:
Nicholas.Kazvini-Gore@mail.house.gov

Current Original Cosponsors: Lynch, Khanna, Speier, Watson Coleman, Schakowsky, DeFazio, Holmes Norton, McGovern, Gabbard, Cohen, Jayapal, Pingree, Cicilline, Eshoo, Tonko, DeLauro, Welch, Lee, Napolitano, Pocan, Grijalva, Yarmuth,
Roybal-Allard, Omar, Wild, Ocasio-Cortez, Tlaib

Endorsing Organizations: AFL-CIO, Public Citizen, International Brotherhood of Teamsters, Communication Workers of America, International Federation of Professional and Technical Engineers, Take on Wall Street

Dear Colleague,

I invite you to stand with me against corporate greed and become a co-sponsor of the
Return to Prudent Banking Act of 2019 a bill to reinstate the Glass-Steagall Act.

In 1933, the Emergency Banking and Relief Act—also known as the Glass-Steagall Act— passed amid an atmosphere of chaos and uncertainty to address banking failures of the Great Depression. The goal of its lead cosponsors, Rep. Henry Steagall and Sen. Carter
Glass, was to separate commercial and investment banking and restore confidence in the American banking system.

In 1999, Congress repealed the Glass-Steagall Act and removed the barriers between investment banking and traditional depository banks. This action gave financial institutions and investment firms access to the deposits of the American consumer, which then
were used to gamble on the Wall Street casino. It was this misguided deregulation that allowed the creation of giant financial supermarkets- that could own investment banks, commercial banks, and insurance firms- and created companies too big and intertwined
to fail.

In the wake of the housing disaster and financial crisis, Congress passed the Dodd-Frank reforms as a step in the right direction to rein in the systemic risk of the modern banking system. Nearly a decade later, although the reforms are working, they are only
a first step in shoring up our financial system. There is still more work to be done. We need to reinstate effective regulatory barriers of the Glass-Steagall Act. Without the proper regulatory barriers, it is only a matter of time before Wall Street once
again steers the American economy into the ditch.

Our country risks too much by having the same banks that caused the Great Recession control the majority of our country’s wealth.  It is imperative that we support competitive financial markets, restore prudence and discipline, and separate speculation from
traditional banking. I urge you to co-sponsor this bill and bring sanity back to our financial system.

Please contact my staff member Nick Kazvini-Gore at (202) 225-4146 or via email at
Nicholas.Kazvini-Gore@mail.house.gov if you have any questions or would like to join in this effort.

Sincerely,

MARCY KAPTUR

Member of Congress

Related Legislative Issues

Selected legislative information: Economy, Finance, Labor, Small Business

icon eDC logo e-Dear Colleague version 2.0
 
e-Dear Colleagues are intended for internal House use only.