Trustee Elections
These are the original issues in this subcategory
  • SECURITIES AND EXCHANGE COMMISSION
  • DERIVATIVES
  • GLASS-STEAGALL ACT
Winning Issue » GLASS-STEAGALL ACT


The 1933 Glass-Steagall Act was a Depression-era law which walled-off the activities of Main Street banks from Wall Street investment firms, separating commercial banking from investment banking’s high-risk financial speculation. In 1999 however, the Clinton administration repealed this Act and allowed banks to begin participating in the same high-risk investments that Glass-Steagall was designed to prohibit. Many claim this wall needs to be rebuilt, saying Clinton’s repeal played a major role in our 2008 financial meltdown and the ensuing world-wide recession. In response to this catastrophe, we passed the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act which prohibited banks from using taxpayer-insured depositor funds for high-risk derivative transactions known as credit-default swaps. But Dodd-Frank has subsequently been weakened. Wall Street critics warn the stage is now set for taxpayers to be on the hook for more bank bailouts should these risky investments threaten to blow up our financial system as they did in 2008.

Proposed Legislation: H.R.2176 - Return to Prudent Banking Act of 2019
Prospective Sponsor: Rep. Marcy Kaptur (OH)



Options


  • I oppose reforming Glass-Steagall Act policy and wish to donate resources to the campaign committee of Nancy Pelosi (CA).
  • I support:
    1.) Separating the activities of commercial banks and investment banks.

    2.) Prohibiting an insured depository institution from affiliating with any person or firm engaged principally in issuing or selling stocks, bonds, notes, or other securities.

    3.) Prohibiting officers, directors and employees of securities firms from simultaneously serving as an officer, director, or employee of a depository institution.

    4.) Prohibiting entities issuing or selling stocks, bonds, or other securities to engage in the business of receiving deposits

    And wish to donate resources to the campaign committee of Rep. Marcy Kaptur (OH) and/or to an advocate group currently working with this issue.


Winning Option
  • I support:
    1.) Separating the activities of commercial banks and investment banks.

    2.) Prohibiting an insured depository institution from affiliating with any person or firm engaged principally in issuing or selling stocks, bonds, notes, or other securities.

    3.) Prohibiting officers, directors and employees of securities firms from simultaneously serving as an officer, director, or employee of a depository institution.

    4.) Prohibiting entities issuing or selling stocks, bonds, or other securities to engage in the business of receiving deposits

    And wish to donate resources to the campaign committee of Rep. Marcy Kaptur (OH) and/or to an advocate group currently working with this issue.
There has been $0.00 pledged in support of this issue
Trustee Candidates

If elected as a trustee, the campaign committee of Rep. Marcy Kaptur (OH) will be unconditionally awarded the funds pledged to this issue along with a letter requesting her to favorably consider reintroducing H.R.2176 - Return to Prudent Banking Act of 2019.

If elected as a trustee, Public Citizen will be awarded the funds pledged to this issue along with a letter requesting these funds be used to publicize the benefits of separating banking activities from investment firm activities.

About: Public Citizen is a nonprofit consumer advocacy organization that champions the public interest in the halls of power. We defend democracy, resist corporate power and work to ensure that government works for the people – not for big corporations. We mobilize activists to grow democratic movements, watchdog Congress, sue the government when it fails to do its job, petition regulatory agencies to safeguard the public and engage in cutting-edge research that effects change. Founded in 1971, we now have 500,000 members and supporters throughout the country.
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Trustee Election - Opening Date
June 14, 2021
Trustee Election - Closing Date
June 21, 2021