Rep. Tulsi Gabbard, Lawmakers Call For Reinstatement of Glass-Steagall

February 1, 2017
Press Release

Washington, DC—Rep. Tulsi Gabbard (HI-02) joined 26 Members of Congress in introducing the Return to Prudent Banking Act today. The bipartisan legislation, endorsed by Public Citizen and the AFL-CIO, would reinstate important consumer protections put in place after the Great Depression and require separation between commercial and investment banking.

“From the Great Depression through the turn of the 21st Century, Glass-Steagall helped keep our economy safe. Repealing it allowed too-big-to-fail banks to gamble with the savings and livelihoods of the American people, with devastating, irrevocable consequences. Hawaiʻi, along with communities across the country, paid the price in 2008 with the worst financial crisis since the Great Depression. Today, the banks that were “too big to fail” in 2008 are even bigger and more powerful now. We must reinstate Glass-Steagall and create a financial system that works for every American—not just Wall Street banks,” said Rep. Tulsi Gabbard (HI-02).

“The 2008 crash nearly took down our entire economy and led to the great recession which wiped out average Americans’ income. But now, Democrats and Republicans have memorialized support for Glass-Steagall in their respective political platforms. Even President Trump has declared his support for a new Glass-Steagall law,” said Congresswoman Marcy Kaptur (OH-09). “That is why we are here, to build on the momentum and the movement to reinstate Glass-Stegall.”

“Wall Street banks should not be allowed to use taxpayer-insured consumer deposits to gamble in the markets and then get taxpayer bailouts for failed decisions,” said Congressman Walter B. Jones (NC-03). “It’s time to put American taxpayers and depositors first.  It’s time to pass the Return to Prudent Banking Act and reinstate Glass-Steagall.”

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