Tulsi Gabbard and 26 other Members of Congress are for reinstating a bill that would return important consumer protections and separate commercial and investment banking. The Return to Prudent Banking Act is the Glass-Steagall, an important legislation that should never have been repealed.
The Glass-Steagall Act was put in place after the Great Depression to address business failures. It served to separate commercial and investment banking and restore confidence in the banking system. When it was ultimately repealed in 1999, banks saw a rise in power due to corruption within the system. They had access to millions of dollars in American savings and took advantage of the people to fund their own selfish gains. The lack of regulation allowed them to leverage debt past levels that were reasonable, let alone sustainable. To reinstate the Glass-Steagall is to take that power away from Wall Street, and keep the money with the American people.
Gabbard recalls that the Glass-Steagall kept the American people safe during the time after the Great Depression. When it was repealed in 1999, it allowed big banks and investment firms access to taxpayer dollars, and with these funds, they created complex, intertwined webs that were too big to fail. These super banks gambled in the Wall Street Market, quickly depleting reserves. This irreversible spending is what cause the 2008 crash, where a financial crisis was felt throughout the whole country, from Hawai’i all the way through the continental United States. Gabbard also firmly states that reinstating the Glass-Steagall will significantly improve America by removing the power from banking powerhouses.
Congresswoman Marcy Kaptur agrees that reintroducing the Glass-Steagall will be wholly beneficial to the American people. The lack of checks against big banks have allowed them to gain too much power, and if it continues, America could very well be looking at another Great Depression in the very near future. She says that they are here to prevent that through the Glass-Steagall.
No more will Wall Street be able to gamble freely with taxpayer money. Congressman Walter Jones is wholly in favor of the Glass-Steagall and says that taxpayer dollars should not go to frivolous spending on behalf of the big banks. He also articulates that failed ventures should not be funded by hard earned American income. He, along with Kaptur and Gabbard, agree that the Glass-Steagall is the solution America needs. The act will prevent another Great Depression from happening again, and to ignore the patterns of the past will ensure that history only repeats itself.
Remember this lead to stable banking for decades after it was instituted by FDR, it’s a real shame Bill Clinton had to betray us by removing it. The Clintons always take huge donations from Wall Street and turn a blind eye to any bank fraud.