Nearly 600,000 Americans Ask Senators to Support “21st Century Glass-Steagall Act”

TBR-Washington D.C., Public Citizen/Americans for Financial Reform


Senator Elizabeth Warren receives 21st century Glass-Steagall Act petition

At the Capitol this afternoon [July 9], Senator Elizabeth Warren (D-Mass.) received petitions in which nearly 600,000 Americans call for action on the 21^st Century Glass-Steagall Act. This bipartisan bill, introduced by Senator Warren along with Sens. John McCain (R-Ariz.), Maria Cantwell (D-Wash.), and Angus King (I-Maine), would address the problem of Wall Street banks that have become too complicated, too conflicted and too powerful, as well as simply too big.
The petitions, gathered by Credo, the Progressive Change Campaign Committee, Public Citizen, Americans for Financial Reform, Dr. Mitchell Gershten (a private citizen), and MoveOn.org, were also delivered to the offices of all the other Senators, asking them to support the bill. The 21^st Century Glass-Steagall Act would reinstate the principle that used to separate commercial banks, which enjoy the benefits of deposit insurance and other forms of public support, from the high-risk world of investment banks and hedge funds.
“The original Glass-Steagall Act served our country well,” said Lisa Donner, Executive Director of Americans for Financial Reform. “It laid the foundation for an unprecedented half century without financial panics or crises. Just as important, it contributed to a more right-sized banking system and one more focused on serving the economy and the society as a whole, rather than on enriching itself at others’ expense.”
“When banks are allowed to continue gambling with our taxpayer-insured deposits, we are setting up our economy for another meltdown,” said Lisa Gilbert, director of Public Citizen’s Congress Watch division. “Real banking protections should not be a thing of the past.  Going back to a clear Glass-Steagall separation of commercial and investment banking is the easiest way to make sure greedy banksters don’t put our fragile, still recovering economy back on the rocks.”
“Not a single Wall Street banker has gone to jail for crimes that caused the financial crisis, the least Congress can do is make sure these bankers aren’t gambling with our money,” said Becky Bond, CREDO’s political director. “It’s long past time to reinstitute Glass-Steagall.”
“Across the nation, people of all ideological stripes want more Wall Street reform and accountability — not less,” said Adam Green, co-founder of the Progressive Change Campaign Committee. “We were proud to start working with Elizabeth Warren while she was still a candidate on writing a 21st Century Glass Steagall Act. This bill is a huge down payment on the reform we need.”
“Reining in Wall Street’s recklessness and the threat it poses to the whole economy is a galvanizing cause for MoveOn members,” said Ilya Sheyman, executive director of MoveOn Political Action. “It’s an issue that has also fueled Sen. Warren’s meteoric rise as a champion of hard-working people under siege by powerful financial interests. We thank her for accepting the petitions of MoveOn members and allies, and for joining with Senators McCain, Cantwell, and King in sponsoring this bill. If lawmakers truly oppose Wall Street bailouts and ‘too big to fail’ banks, they need to walk the talk and join us to support this common sense legislation.”

FOR IMMEDIATE RELEASE
CONTACT: Jim Lardner, Americans for Financial Reform, 202-466-1854 / jim@ourfinancialsecurity.org
Karilyn Gower, Public Citizen, 202-588-7779 / kgower@publicitizen.org
Tags: Glass-Steagall, press statement, TBTF

The Federalist papers and the election of 2000

TBR Leighton Bradford Editor-in-Chief
The Federalist Papers structured the discourse of a new republic. The idle rhetoric of political life haunts the corridors of true debate. Were these words reduced to parchment a precursor to the U.S. Constitution? An ideal form of government responds to the needs of the individual. The most recent Presidential election places implicit doubt, as to the parameters of appropriate checks and balances. Within Federalist paper No. 51, its continued theme, seems to focus on the powers afforded to "Supreme Executives".

The presidential election (2000) weakened the state, by allowing a branch of government, to exercise a mandate in strict violation of separating principles. Further; "In order to lay a due foundation for that separate and distinct exercise of the different powers of government". Expressed eloquently and clear as to the fundamental safeguard working towards a non-abuse of power. Each department should not only perform its obvious task, however, limit the powers of the other branches. Balance does not come with vague procedure and apathetic rhetoric.

Would the framers of the Federalist Papers identify with our current government? I was intrigued with the depth of understanding, as it related to the lower echelons of control. The discussion even dealt with the division of departments beneath the initial organizational hub. Describing plans of actions, involving scenarios within these entities. A sort of sub-routine of departmental precautions. The evolution of our government has been one of partisan agenda and set precedents. The Federalist paper No. 51 gives insight into this supposed evolution.

Vice-President Al Gore's honorable acquiescing may have prevented factional turmoil. James Madison predicted the counter productive nature of men.  The Federalist Papers were a highly refined draft. Vice-President Gore refused to litigate the nefarious precepts of the 2000 election. This act may have been just as crucial as President Lincoln's emancipation proclamation. 

 Perhaps it is a universal truth that the loss of liberty at home is to be charged against provisions against danger, real or pretended from abroad. – Letter to Thomas Jefferson (1798-05-13), James Madison.  

If men were angels, no government would be necessary. If angels were to govern men, neither external nor internal controls on government would be necessary. In framing a government which is to be administered by men over men, the great difficulty lies in this: you must first enable the government to control the governed; and in the next place oblige it to control itself. – Federalist Paper No. 51 (1788-02-06), James Madison, photo courtesy federalist papers project.

The Ultimate Goal of Humanity

 

TBR Leighton Bradford Editor-in-Chief

Most agree civilization must embrace a collective initiative responding to socio-economic deprivation. Social deprivation or a system supporting poverty should not be embraced. Prosperity and parity should be the ultimate goal of humanity. Commerce and mercantilism must coincide with a healthy ecology. Human existence depends upon the maintenance of a healthy eco-system. We are, but an intricate part of the environment. The aforementioned statement will vindicate the oppressed and abused. A suggested expression to the powers that be, for many matters not. The anticipated counter is an identified Utopia! There is no such place on earth. “Am I my brothers’ keeper?” Ultimately YES!

            Free Enterprise becomes a guarded treasure when administered properly. I understand the burdens of men. There must be parity along all lines of human endeavor. An unrealistic assessment of economic globalization; embarks on economic nationalism and ethnocentrism. Excuse me for one moment scholars? War has been declared on the working man. Unless our nation's leaders adjust the financial bias within society, all else is trumped, and social degradation is accepted. Are we witnessing Pax Americana? The United States of America’s bottom line, must be the lack of jobs and opportunity? Bureaucracies of government should streamline collaborative functions.

Business owner’s world-wide; should create a trade and barter initiative! It must reflect the rights of labor. The resulting covenant would shore up a workers wage, and apply pressure, towards the Sino attack on the common man. The right to work laws should be rescinded. These laws undermine collective bargaining and the ability for the average worker to negotiate a livable wage. Labor must be realistic when negotiating contractual obligations. Labor should never price itself out of the market. The TPP trade iniative will do no more to open markets within the US, than the NAFTA measure.    

Power concedes nothing without demand. The leadership within grass roots organizations must perform an intricate part of balance and fairness.  America continues to accept the worlds humbled masses, but at what cost to the U.S. citizens already here? Outsourcing or flooding markets with cheap goods and service is an attack on our nation’s security. A bifurcated approach towards at-will employment and collective bargaining will assist all involved. Technology, efficient means of production, veteran skill set, and the multitude of displaced workers re-entry into the workforce, will promote economic growth. Purposeful lending to small business owners will stimulate the market. The WTO, the Federal Reserve, and IMF at times, supplant financial stability. Building wealth should not be for a contrived, well trained, manipulator of markets. There should be stiffer penalties associated with financial industry wrongdoing. The FTC has to fight to end the saturation of the aforementioned malice. Then ask the people to accept austerity measures. Power, wealth and opportunity, must not be concentrated within the hands of a few individuals. This effort will stave off the American bastille.



 

I'm a blind student, and I need your help

TBR-Jamie Principado, Special to TBR

As a blind high schooler, I couldn't just apply to my top colleges -- I had to make sure that classes were going to be made accessible for me, and I was excited to attend Florida State University because they had a great program for training teachers of the blind. 

But when I started classes at FSU, I quickly found out that the school didn't have the accessible tools I needed to learn and complete all my work. My online classes weren't compatible with my screen reader and I couldn't access materials in any of my math or biology classes. I struggled for three years, and eventually decided to change schools.

I sued FSU for failing to meet state and federal disability laws, but I don't want other blind students like me to experience what I had to go through. I started a petition on Change.org asking Congress to pass the TEACH Act to make sure that all students with disabilities have equal access to learning. Click here to sign my petition.

When I approached the administration at FSU about the inaccessible materials, they suggested I try an “easier” major instead of trying to help me and other students with disabilities. I felt like the school was punishing me instead of trying to help me learn. 

That's why I believe in the TEACH Act. While federal laws require colleges to only deploy accessible materials, they were written before technology became part of the classroom, so schools like FSU have no direction for how the laws apply to students like me. The TEACH Act creates much-needed guidelines illustrating how schools can provide instructional technology that is usable for students with disabilities.

I believe that public support of the TEACH Act through my petition will show members of Congress that constituents around the country believe there is an urgent need for this. But they won't do it without you. 

Sign my petition demanding that Congress pass the TEACH Act, creating guidelines for schools to protect equal access in the classroom for blind students.

Thank you for your support. 

Jamie Principado