Petitions signed by nearly 600,000 American citizens, calling for Senate action on the 21st Century Glass-Steagall Act, were delivered yesterday afternoon to the bill’s primary sponsor, Senator Elizabeth Warren (D-Mass.), as well as all other United States Senators, asking them to support the bill. The bill was introduced by Sen. Warren along with Sens. John McCain (R-Ariz.), Maria Cantwell (D-Wash.), and Angus King (I-Maine).
According to a press release issued by Americans for Financial Reform, the petitions were gathered by Credo, the Progressive Change Campaign Committee, Public Citizen, Americans for Financial Reform, Dr. Mitchell Gershten (a private citizen), and MoveOn.org.
“The original Glass-Steagall Act served our country well,” said Lisa Donner, Executive Director of Americans for Financial Reform. “It laid the foundation for an unprecedented half-century without financial panics or crises. Just as important, it contributed to a more right-sized banking system and one more focused on serving the economy and the society as a whole, rather than on enriching itself at others’ expense.”
“When banks are allowed to continue gambling with our taxpayer-insured deposits, we are setting up our economy for another meltdown,” said Lisa Gilbert, director of Public Citizen’s Congress Watch division. “Real banking protections should not be a thing of the past. Going back to a clear Glass-Steagall separation of commercial and investment banking is the easiest way to make sure greedy banksters don’t put our fragile, still recovering economy back on the rocks.”
“Not a single Wall Street banker has gone to jail for crimes that caused the financial crisis; the least Congress can do is make sure these bankers aren’t gambling with our money,” said Becky Bond, CREDO’s political director. “It’s long past time to reinstitute Glass-Steagall.”