Petition Closed
Petitioning Congress and the President and 23 others

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


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


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.



Letter to
Congress and the President
Representative Shelley Capito
Representative John Boehner
and 21 others
Representative Robert Hurt
Representative Randy Weber
Representative Joe Kennedy
Representative Matt Salmon
Representative Jim Renacci
Representative Bradley Schneider
U.S. House of Representatives
U.S. Senate
Representative Randy Neugebauer
Representative Jeb Hensarling
Representative Spencer Bachus
Representative Gloria Negrete Mcleod
Representative Ken Calvert
Representative Luis Gutierrez
Representative Rodney Davis
Representative Lacy Clay
Representative Walter Jones
Representative Scott Garrett
Representative Carolyn Mccarthy 2
Representative Joseph Crowley
President of the United States
I just signed the petition "Pass the Return to Prudent Banking Act and Restore Glass-Steagall".

I would like to see "H.R. 1489: Return to Prudent Banking Act of 2011" pass through committee and onto the floor for a vote. I encourage you to support this bill so that our nation can return to the separation between commercial banking and the securities business, as it was in the Banking Act of 1933, the "Glass-Steagall Act" passed by FDR.