Reinstate Glass Steagall
  • Petitioned US Congress

This petition was delivered to:

US Congress
U.S. Senate
U.S. House of Representatives
Maryland-08
Rep. Chris Van Hollen
Florida-20
Rep. Alcee Hastings
Nevada
Sen. Harry Reid

Reinstate Glass Steagall

    1. Robert Fanney
    2. Petition by

      Robert Fanney

      Gaithersburg, MD

For 55 years from 1933 to 1988, the US suffered no major banking collapses or financial crises. But in 1980, with the repeal of key provisions of the Glass Steagall regulation along with other regulations, Savings and Loans were once again able to take undue risks outside the long-term public interest. Peaking in 1988, the US Savings and Loans crisis was the first major collapse of US financial assets since the great depression. But damage done by deregulation wasn't finished. In 1999, another major provision of Glass Steagall, which prevented commercial banks from acting as investment banks, was removed. Nine years later, due to a massive demand for commoditized, high-interest, mortgage assets resulting from this deregulation, the US and world economy collapsed under the weight of the worst economic crisis since the great depression.

In short, we need a return to the kinds of regulations that protected our economy against the worst market excesses and manipulations. Dodd-Frank did not go far enough and we are open to further and worse collapses unless we re-establish sound banking and investment policy.

Recent signatures

    News

    1. Reached 750 signatures
    2. Our Campaign is Working. Let's Keep the Pressure Up!

      Robert Fanney
      Petition Organizer

      Recent news reports show that politicians are coming under fire for the repeal of Glass Steagall back in the 1990s. Newt Gingrich, who originally supported the repeal has reversed course, Paul Ryan who has attacked the much weaker Dodd-Frank Act, recently said reinstating Glass Steagall would be a good idea. Democrats have also voiced support for a Glass Steagall reinstatement.

      This is a clear sign that politicians are feeling the heat! But, at the moment, all it amounts to is lip-service.

      And that is why we can't stop now! Please go out on the web and spread the word. Please go to your occupations and let them know about this petition. Please tell your friends and families! We should never let banks trade family assets on the stock market again! It flies in the face of basic fairness. Please help to spread the word! Let's make the politicians live up to their words. Let's hold their feet to the fire and make them serve the interests of the people, not of Wall Street!

    3. 260+ Signatures

      Robert Fanney
      Petition Organizer

      Huge thanks to everyone for pitching in to promote this key issue! Thanks to your hard work, we've reached 261 Signatures. And if we each pitch in and get one more friend or relative to sign today, we can break 500.

      Restoring Glass Steagall is desperately needed to re-establish sound banking and investment policy in the US and to stabilize world markets. Please help to prevent future financial crises by supporting this key legislation.

      Warmest regards to you all!

    4. Reached 250 signatures
    5. Delegation to Congress

      Robert Fanney
      Petition Organizer

      Once we reach 100,000 signatures, we will be forming a delegation of concerned citizens to lobby Congress on the issue of re-establishing Glass Steagall and sound banking and investment policies. We will advocate for market responsibility and for returning the markets to a system that husbands the retirement assets and investments of American citizens and that disallows the construction of levers that transfer wealth to market manipulators.

      This is a key issue that has far-reaching effect. Ensuring the stability of our economy is ensuring the stability of our nation.

    6. Reached 25 signatures
    7. Occupy Glass Steagall on Facebook

      Robert Fanney
      Petition Organizer

      Please help spread the word about Glass Steagall by liking the Facebook page and by sharing your thoughts.

    8. Reached 5 signatures

    Supporters

    Reasons for signing

    • Ricky Keller BILOXI, MS
      • almost 2 years ago

      This never should have been repealed. It is very obvious that commercial and investment banking should be separated. This is what made the 2008 financial crisis as bad as it was for ordinary citizens.

      REPORT THIS COMMENT:
    • Paul Torraco CARLSBAD, CA
      • about 2 years ago

      This essential act would have prevented the banking crisis of 2008 but it must be fully reinstated to it's origin not the weakened version repealed in '99.

      REPORT THIS COMMENT:
    • Douglas Greenwood STERLING, VA
      • about 2 years ago

      I sincerely believe that this repeal will signal in history the beginning of our end, if we cannot find the strength to undo its damage.

      REPORT THIS COMMENT:
    • Cheryl Speights COVINGTON, LA
      • about 2 years ago

      It kept us out of a depression until it was repealed and opened the doors for the liar loans. If it isn't broken-don't fix it!

      REPORT THIS COMMENT:
    • Vik Patcha HUNTINGTON, NY
      • about 2 years ago

      Common sense!

      REPORT THIS COMMENT:

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