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Press Release: Rep.Tierney Introduces Bipartisan 21st Century Glass-Steagall Legislation

 
Uncle Fuck Stick
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12/12/2013 01:12 PM
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Press Release: Rep.Tierney Introduces Bipartisan 21st Century Glass-Steagall Legislation
[link to larouchepac.com] Bipartisan 21st Century Glass-Steagall Legislation
December 12, 2013 • 12:13PM
Congressmen John Tierney (D-MA) and Walter Jones, (R-NC) introduced legislation today to restore Glass-Steagall banking separation. Their bill is the second introduced into the house of Representatives, the other being Marcy Kaptur's H.R. 129, and there are two bills for Glass-Steagall now in the U.S. Senate. This bill just introduced by Tierney and Jones is a companion bill of the Senate bill presented by Senators Warren, McCain, Cantwell and King, while the other bills are not companions. We will cover this story as it develops.

The Following is the press release, issued by Congressman John Tierney, December 11th, 2013, and can be found on his website, here.

Tierney Introduces Bipartisan 21st Century Glass-Steagall Legislation
Bill would protect consumers by separating traditional banks from risky financial institutions
WASHINGTON- As part of his continuing consumer protection efforts, Congressman John F. Tierney joined with Congressman Walter Jones (R-NC) today to introduce bipartisan legislation that would protect retirees, families and consumers from financial institutions that engage in risky investment transactions.

“One of the largest drivers of the most recent financial crisis was the reckless behavior of financial institutions that led to consumers losing their hard-earned money through no fault of their own. Implementing a modern day version of the Glass-Steagall Act is one of the most important ways that Democrats and Republicans in Congress can work together to ensure those mistakes are not repeated and that consumers are protected. This legislation will go a long way to ending the 'Too Big to Fail' policies of the past by making large financial institutions smaller and preventing institutions that use federal depository insurance from engaging in high-risk activities. Any consumer who puts their hard earned money into a bank should have the peace of mind that their deposits will be safe from the irresponsible decisions being made on Wall Street,”
said Congressman John Tierney.

“It is unacceptable for banks that consumers trust with their everyday needs – such as savings and checking accounts – to gamble with their depositors’ money. This legislation would prevent those banks from employing such practices and would begin bringing to a close the era of rewarding ‘too big to fail’ banks with a taxpayer bailout to clean up the mess resulting from their risky financial activities,”


More at link

Last Edited by Uncle Fuck Stick on 12/12/2013 01:18 PM
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Anonymous Coward
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12/12/2013 01:46 PM
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Re: Press Release: Rep.Tierney Introduces Bipartisan 21st Century Glass-Steagall Legislation
The banks control the legislators and regulators.
Uncle Fuck Stick  (OP)

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12/12/2013 01:50 PM
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Re: Press Release: Rep.Tierney Introduces Bipartisan 21st Century Glass-Steagall Legislation
The banks control the legislators and regulators.
 Quoting: Anonymous Coward 48448315


One can hope crazyjak
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