Machinists Push Congress for Glass-Steagall

May 12, 2015

Going into their legislative conference in Washington this week, the International Association of Machinists (IAM) union has decided to lobby Congress to pass H.R.381, the Kaptur-Jones "Return to Prudent Banking Act" to restore Glass-Steagall.

The IAM lobbying packet will include a call to pass Glass-Steagall, because

"For decades, Glass-Steagall was a cornerstone of the U.S. financial system, until the Gramm-Leach-Bliley Act unwisely removed this important financial legislation in 1999. With the repeal of the Glass-Steagall Act, the U.S. economy was exposed to an intolerable level of risk, and all Americans have suffered the consequences of a financial crisis. We must limit the potential for future economic collapses....

"We urge Members of Congress to co-sponsor this important legislation to restore sanity to our financial system,"

the IAM call concludes.