AFL-CIO Backed Demcratic Coalition Begins Push for Glass-Steagall

Sen. Elizabeth Warren (D-MA) stated in a public meeting in Massachusetts last week that when Congress reconvenes (Monday), she and others would begin a major push to pass Glass-Steagall.

Today, Americans for Financial Reform (AFR), a Democratic Coalition group formed around the AFL-CIO, and more than 200 other Democratic constituency groups, sent out a mass email, “Help Elizabeth Warren Change Wall Street and Pass the 21st Century Glass-Steagall Act.”

The letter states, “For over half a century, the Depression-era law known as Glass-Steagall kept traditional banks separate from the high-risk world of investment banks and hedge funds. Uncle Sam agreed to insure our deposits. And the banks, in return, agreed not to use those deposits to try to make money for themselves gambling in the Wall Street casino. That all changed with … the deregulation of the 1980s and 90s… setting the stage for the financial and economic meltdown of 2008. TELL CONGRESS TO STAND UP TO WALL STREET AND PASS THE 21ST CENTURY GLASS-STEAGALL ACT!

“Now Senators Elizabeth Warren, John McCain, Maria Cantwell, and Angus King have introduced a bill that would make the biggest banks simpler and smaller and once again end the public subsidy to Wall Street speculation… DEMAND ACTION TO REIN IN THE BIG BANKS AND BUILD A FINANCIAL INDUSTRY THAT SERVES ALL.” (Capitalization and underlining in original E-mail.)

Americans for Financial Reform was formed after the 2008 financial crisis, and has said little about Glass-Steagall since its formation. In a Washington D.C. event in January, Glass-Steagall was mentioned only in a LaRouche PAC intervention.

Participating organizations in AFR include, besides the AFL-CIO, civil rights, consumer, labor, business, faith-based, civic, and community groups, such as NAACP, AFSCME, CWA, AARP, SEIU, Public Citizen, UNITE, LaRaza, DEMOS, and many others.

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