Letter: Pass Glass-Steagall now!

July 5, 2013 

Glass-Steagall was a tool used by Franklin D. Roosevelt to get us out of the Great Depression. It regulated and separated the financial services of commercial banks from speculative investment banks. Investment banks were "risk takers" that gambled with depositor's money in stocks, securities, insurance and derivatives.

The FDIC and Federal Reserve are now bankrupt. The U.S. can't print or borrow enough to pay off this toxic debt in order to bailout "too big to fail" banks.

Cyprus failed to enact Glass-Steagall, has been financially shut down and now has a paralyzed fiscal economy because of actions taken by the International Monetary Fund and European Stability Mechanism. The government of Cyprus allowed these groups to seize all bank accounts over 100,000 euros in the two major banks of Cyprus to accomplish an "open bank process of resolution."

Glass-Steagall stops this takeover and bail-in planned by the FDIC and the Bank of England and is the only tested and proven method to stabilize of our economy.

Call your senators and representatives today to encourage them to pass Glass-Steagall now (H.R. 129, The Return to Prudent Banking Act of 2013).

Bankrupting our families and country to pay off the Bank of England is not an option.

ROB DUPUY, Pasco

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