Pass the Return to Prudent Banking Act and Restore Glass-Steagall
  • Petitioned Congress and the President

This petition was delivered to:

Congress and the President
President of the United States
U.S. Senate
U.S. House of Representatives
Texas-19
Rep. Randy Neugebauer
Illinois-13
Rep. Rodney Davis
Missouri-01
Rep. Lacy Clay
North Carolina-03
Rep. Walter Jones
New Jersey-05
Rep. Scott Garrett
New York-04
Rep. Carolyn McCarthy
New York-14
Rep. Joseph Crowley
Texas-05
Rep. Jeb Hensarling
Illinois-04
Rep. Luis Gutierrez
West Virginia-02
Rep. Shelley Capito
Ohio-08
Rep. John Boehner
Virginia-05
Rep. Robert Hurt
Texas-14
Rep. Randy Weber
Massachusetts-04
Rep. Joe Kennedy
Arizona-05
Rep. Matt Salmon
Ohio-16
Rep. Jim Renacci
Illinois-10
Rep. Bradley Schneider
California-42
Rep. Ken Calvert
California-35
Rep. Gloria Negrete McLeod
Alabama-06
Rep. Spencer Bachus

Pass the Return to Prudent Banking Act and Restore Glass-Steagall

    1. Jenni Siri
    2. Petition by

      Jenni Siri

      Ligonier, IN

H.R. 1489: Return to Prudent Banking Act of 2011 Sponsor: Rep. Marcy Kaptur [D-OH9]

This bill will: " ... repeal certain provisions of the Gramm-Leach-Bliley Act and revive the separation between commercial banking and the securities business, in the manner provided in the Banking Act of 1933, the so-called "Glass-Steagall Act", and for other purposes."

This bill is currently in the House Committee on Financial Services. We must urge committee members to bring this bill to the floor for a vote well before the elections in November. It would be beneficial if this became a campaign issue as it might stand a better chance of making it out of committee and eventually passing.

This petition targets committee members as well as the President and your representatives in the House and the Senate. They will  receive an email from you as soon as you sign. You may edit the letter according to your needs.

There are a number of co-sponsors for this bill, (scroll down to see them). One of which is Rep. Dennis Kucinich, most of us trust his judgment on such matters.

The following summary was written by the Congressional Research Service, a well-respected nonpartisan arm of the Library of Congress. READ FULL TEXT

4/12/2011--Introduced.

Return to Prudent Banking Act of 2011 - Amends the Federal Deposit Insurance Act (FDIA) to prohibit an insured depository institution from being an affiliate of any broker or dealer, investment adviser, investment company, or any other person or entity engaged principally in the issue, flotation, underwriting, public sale, or distribution of stocks, bonds, debentures, notes, or other securities. Prohibits officers, directors and employees of securities firms from simultaneous service on the boards of depository institutions, except in specified circumstances. Requires any such individual serving as an officer, director, employee, or other institution-affiliated party of any insured depository institution to terminate such service as soon as practicable after enactment of this Act. Requires an insured depository institution to wind-down in an orderly manner and terminate any affiliation prohibited by this Act. Amends the Banking Act of 1933 (Glass-Steagall Act) to expand its prohibition against the transaction of banking activities by securities firms. Declares that Congress ratifies the interpretation by the Supreme Court of specified statutory language in the case of Investment Company Institute v. Camp ( ICI vs. Camp) regarding permissible activities of banks and securities firms. Declares that the reasoning of the Court in that case shall continue to apply to the limitations placed upon security affiliations under the FDIA as enacted by this Act. Prohibits a federal banking agency or federal court from issuing an interpretation regarding such security affiliations that is narrower than that of Court in ICI vs. Camp. Makes technical and conforming changes to the Gramm-Leach-Bliley Act, the Revised Statutes of the United States, and specified federal law. Requires the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, or another appropriate federal banking agency to report to Congress a detailed description of the basis for its decision each time it makes a determination or grants an extension concerning an affiliation between insured depository institutions and investment banks or securities firms.

CO-SPONSORS

 

Recent signatures

    News

    1. Reached 2,500 signatures
    2. FRONTLINE Money, Power and Wall Street: Part One

      Jenni Siri
      Petition Organizer

      This is a great new 4 part documentary from PBS Frontline. I highly recommend it. You can watch it online at the link below.

    3. Reached 2,000 signatures
    4. More problems with Bankers as Gamblers

      Jenni Siri
      Petition Organizer

      Elizabeth Warren was just on CNN this morning and she talked about how important it is for us to separate investment banking from regular banking so that these bimbos aren't always putting the publics money at risk.

    5. Treating the shattered economy as a crime scene

      Jenni Siri
      Petition Organizer

      New York Attorney General Eric Schneiderman, tapped by President Obama to lead a new Financial Crimes Unit, talks with Rachel Maddow about criminally prosecuting the people responsible for the mortgage crisis that nearly destroyed the economy.

    6. Reached 1,500 signatures
    7. [VIDEO] Marcy Kaptur vs Corporate Greed

      Jenni Siri
      Petition Organizer

      Marchy Kaptur is the sponsor of this Bill. In this video she is encouraging citizens not to leave their homes when they are being foreclosed on. "You be squatters in your own homes".

    8. Reached 750 signatures
    9. Please Also Sign The Petition at SignOn.org

      Jenni Siri
      Petition Organizer

      This is a very similar petition to the one created here at Change.org but it's at SignOn.org. I would encourage signing this one as well because it includes every committee member that will be deciding on it.

    10. Reached 500 signatures
    11. This is the link to a graphic for your website.

      Jenni Siri
      Petition Organizer

      If you would like to put a link to this petition on your website, here is a link to a graphic that you are free to use.

    12. Reached 100 signatures
    13. [VIDEO] Rachel Maddow Show: Somebody Saw It Coming-Byron Dorgan

      Jenni Siri
      Petition Organizer

      From The Rachel Maddow Show March 25, 2009.

    14. Reached 50 signatures
    15. OWS Forum Post: H.R. 1489: Return to Prudent Banking Act of 2011

      Jenni Siri
      Petition Organizer

      "If we are upset and want to start pursuing change, we need to get behind legislation that does just that. This piece of legislation has be referred to committee. Where it will be debated and voted upon to determine if it should go for a vote before Congress. If you want to read it :http://thomas.loc.gov/cgi-bin/query/z?c112:H.R.1489:
      Essentially the bill wants to reinforce the divisions between Commercial and Investment Banks and reenact rules that were abolished through deregulation.

    16. Glass–Steagall Act

      Jenni Siri
      Petition Organizer

      This is the Wikipedia article about the Glass-Steagall Act of 1933.

    17. H.R. 1489: Return to Prudent Banking Act of 2011

      Jenni Siri
      Petition Organizer

      This is another petition that you can sign. This link also has more information the bill including organizations that are in support of it.

    Supporters

    Reasons for signing

    • Marc Lee UPPER SADDLE RIVER, NJ
      • almost 2 years ago

      Because banks should NOT be allowed to gamble with depositor's money!

      REPORT THIS COMMENT:
    • Patricia Curlers WILMINGTON, DE
      • almost 2 years ago

      It will return the prudent character banks should have.

      REPORT THIS COMMENT:
    • Susan Fahy ANACORTES, WA
      • almost 2 years ago

      I am very concerned that we have a plutocracy already. Anything we can do to reverse that is vital.

      REPORT THIS COMMENT:
    • Patrick Calhoun COLUMBIA, SC
      • about 2 years ago

      These regulatory measures along with anti-trust actions will restore competition -- good for all consumers -- and move the US economy back toward free trade and true capitalism.

      REPORT THIS COMMENT:
    • Deborah Bennett PLEASANTON, CA
      • about 2 years ago

      Bankers have gotten away with ruining this economy. This must stop!

      REPORT THIS COMMENT:

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