GOP Chairman Reacts as Kaptur Again Speaks for Glass-Steagall

June 8, 2017

The Chairman of the House Financial Services Committee looked over his shoulder at the pressure of rising Republican interest in Glass-Steagall, in an interview with The Hill today. Rep. Jeb Hensarling (R-TX) preposterously claimed, "If you're attempting to ensure a financial system that minimizes that chance of financial panics, then in many respects, the Financial CHOICE Act can be your 21st-Century Glass-Steagall." The Hill headlined its coverage, "House Financial Services Chairman Won't Support Glass-Steagall Revival."

Speaking again in the House today on Glass-Steagall reinstatement vs. the "CHOICE" deregulation act, Rep. Marcy Kaptur said: "Mr. Speaker, I rise today to oppose the Financial CHOICE Act, which abandons the American people, as well as safety and soundness, in favor of Wall Street.

"Six megabanks now control two-thirds of the financial sector in our country, and reaped record profits of over $170 billion in 2016. That's too much power in too few hands....

"This week, Congressman Jones and I proposed to table the current legislation and replace it without bipartisan bill, the [Return to] Prudent Banking Act, which reinstates Glass-Steagall protections by separating prudent banking from risky Wall Street banking that tanked out economy in 2008.

"The Rules Committee refused to allow our bill a vote. Nevertheless, we remain resolute. Glass-Steagall is something President Trump ran on, as did Bernie Sanders, and in 2016 both the Republican and Democratic platforms enshrined the policy of restoring Glass-Steagall protections.

"Americans should know there is a growing bipartisan consensus fighting to protect the progress we have made, rein in Wall Street, and keep the wolves at bay and out of your pocketbook."

Kaptur and Rep. Walter Jones (R-NC), with 50 co-sponsors, plan more action soon to intensify the Glass-Steagall debate.

Another respected expert for Glass-Steagall reinstatement, author and former investment banker Nomi Prins, released an strong and lengthy argument for Glass-Steagall today addressed to President Donald Trump. It appears on several progressive news sites.