SENATOR HARKIN INTRODUCES SB 985 TO REINSTATE GLASS STEAGALL

FLASH! --Major breakthrough - After two weeks of intense mobization by LaRouche movement forces in Washington, in the State legilatures, and worldwide, Glass Steagall legislation is now, finally, before the US Senate. The Obama/Wall Street team have used threats and deployed millions of dollars to prevent Glass Steagall from being introduced in the Senate, which they thought was safely under the control of Obama and his London-Wall Street controllers. We must now make this a steamroller. Letters from around the world to the US Congress are now crucial, calling for the immediate passage of Glass Steagall (you can send them to me to be delivered to the Congress), to end the current US-European process of bailing out worthless gambling debts while imposing deadly austerity, bringing on the collapse of the world economy and the threat of global war, and to make the US once again a nation dedicated to real development worldwide, in the tradition of Alexander Hamilton and Franklin Roosevelt. Please circulate the following press release and watch for updates at our website, www.larouchepac.com Mike Billington

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SENATOR HARKIN INTRODUCES SB 985 TO REINSTATE GLASS STEAGALL

 

 

MAY 17, (LPAC)--Yesterday, on the 80th anniversary of the
introduction of the original 1933 Glass Steagall Act, Sen. Tom
Harkin (D-Io.) introduced Senate Bill 985 to reinstate Glass
Steagall. While the full text of the Harkin bill has not yet
been posted by the Library of Congress, the fact that there is
now a Senate bill to reinstate full separation of commercial
banking from all other brokerage and speculative activities is a
dramatic development. The fight for Glass Steagall has now moved
to a new level.

     The introduction of SB 985 came the same day that the 20th state
legislature introduced a resolution urging its Congressional
delegation to support Glass Steagall reinstatement. This week,
both Delaware and Illinois introduced such resolutions. In
addition, the Regional Council of the Tuscany Region of Italy
passed a resolution calling for "Banking and Legal Reform
According to the Glass Steagall Act."

      In the House of Representatives, Rep. Marcy Kaptur (D-Oh.) has
already introduced HR 129 to reinstate Glass Steagall. Rep.
Walter Jones (R-NC) was the initiating co-sponsor and there are
now 62 sponsors and co-sponsors on the House bill.

      Lyndon LaRouche today congratulated Sen. Harkin for introducing
SB 985 in spite of massive counter-pressure from the Obama White
House and the Senate leadership. "This is a very important new
development," LaRouche declared. "It will have very significant
impact for very obvious reasons. All of the efforts to suppress
this action have been defeated. This is a new game. The agenda
has changed. Despite all of the efforts to prevent this action,
Sen. Harkin has taken the initiative. This is not yet a
complete victory, but it shows that the situation is not as
hopeless as the Senate Leader had hoped."

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