By Mitchell Gershten (Contact)
To be delivered to: The United States House of Representatives, The United States Senate, and President Barack Obama
Provisions of the Glass-Steagall act directly supported a more level economic playing field and a six decade rise of a more egalitarian financial system and strong middle class. It did so by limiting the power of financial institutions. Its 1999 repeal permitting mergers of commercial and investment banks ushered in the current era of reckless and potentially ruinous banking practices which in 2008, brought the USA and the world to the brink of financial disaster. Despite notable legislative efforts to correct this, intensive lobbying from the banking industry has seen to it that essentially nothing has changed. The economy remains at great risk.
Our banking system must be brought back to serving the people first while reliably sustaining the economy that supports us all, rather than abetting any further drain on its lifeblood by the wealthiest among us.
Stability in America depends upon a viable middle class. The Glass-Steagall act provided excellent protections for that class and the economy as a whole. While it will require updating to better function in the modern world, its reinstatement will go a long way to provide a powerful economic safety net that will more reliably limit ongoing risk to the strongest economy in the world.
Contact your legislators, sign this petition: Reinstate the Glass-Steagall Act now.
Note: MoveOn Civic Action does not necessarily endorse the contents of petitions posted on this site. MoveOn Petitions is an open tool that anyone can use to post a petition advocating any point of view, so long as the petition does not violate our terms of service.