Democracy Rules

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 In 1999 however, the Clinton administration repealed this Act and allowed banks to begin participating in the same high-risk investments that Glass-Steagall was designed to prohibit.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.

Pending Legislation: H.R.2714 - Return to Prudent Banking Act of 2023
Sponsor: Rep. Marcy Kaptur (OH)
Status: House Committee on Financial Services
Chairperson: Rep. Patrick McHenry (NC)

I oppose reforming Glass-Steagall Act policy and wish to donate resources to the campaign committee of Kevin McCarthy (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. Patrick McHenry (NC) and/or to an advocate group currently working with this issue.

Winning Option »» No issues were voted

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. Patrick McHenry (NC) and/or to an advocate group currently working with this issue.