On Friday, June 2, Representatives Kaptur and Jones submitted their “Return To Prudent Banking Act” bill, HR 790, as an amendment to HR 10, the Financial Choice Act of 2017. HR 10 is the Rep. Jeb Hensarling deregulation bill to undo Dodd-Frank, and return the nation to the economic chaos and gambling policy of Alan Greenspan, Hensarling’s mentor Phil Gramm and other authors of the economic disintegration of the past decades.
The Kaptur-Jones bill is not a defense of Dodd-Frank, but a simple return to Glass-Steagall. The amendment would strike the entirety of the 600-page Hensarling atrocity and replace it with Glass-Steagall. We might say “repeal and replace.” The amendment likely will go before the House Rules Committee as early as this week for consideration. Because HR 10 has already passed through the Financial Services Committee and is heading to the House floor for debate and a vote, all of the amendments submitted (there are at least 15) will be considered by the Rules Committee to determine if they meet the criteria (yet to be determined) of being germane to the debate on HR 10.
The committee will likely hear testimony from Rep. Marcy Kaptur (D-OH) and possibly Rep. Walter Jones (R-NC), and engage in question and answer with the sponsors. They could vote this week, although even that is not guaranteed due to possible parliamentary maneuvering, not on the merits of the amendment. They will vote on simply whether it qualifies as germane to be taken up by the full House. The Rules Committee has 13 members. There are two current GS sponsors, Slaughter and McGovern, and a past sponsor, Hastings. The amendment sponsors suggest contacting the non GS co-sponsors urging them to vote the amendment to the floor. Again, the issue is not the merits of the amendment, but rather to insert into the debate.
Calls can be made to the Rules Committee members next week and the message is very simple: Please vote the Kaptur-Jones amendment to HR 10, in support of Glass Steagall restoration, to the floor of the House for debate and a vote. Congressional offices log amounts of phone calls. Passion is fine, but numbers are paramount. The sponsors warn: The calls should be straightforward, not contentious. The young staff taking the calls will not be engaging in debate, and do not influence voting. Here are some of the relevant numbers:
Rep Pete Sessions, TX, R, Chair——202 225 2231
Rep Tom Cole, OK, R, Vice Chair-—202 225 4272
Rep Rob Woodall, GA, R-—202 225-4272
Rep Michael Burgess, TX, R-—202 225-7772
Rep. Doug Collins, GA, R-—202 225-9893
Rep. Jared Polis, CO, D-—202 225-2161
Rep. Bradley Byrne, AL, R——202 225-4931
Rep Dan Newhouse, WA, R——202 225-5816
Rep Ken Buck, CO, R——202 225-4676
Rep. Liz Cheney, WY, R-—202 225-2311
Rep. Louise Slaughter, NY , D, Ranking Dem, and Glass Steagall Co sponsor-—202 225-3615