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Pennsylvania House of Representatives
05/14/2024 09:07 PM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20150&cosponId=17236
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House Co-Sponsorship Memoranda

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House of Representatives
Session of 2015 - 2016 Regular Session

MEMORANDUM

Posted: February 4, 2015 03:11 PM
From: Representative Mark B. Cohen
To: All House members
Subject: Resolution urging Congress to reinstate the Glass-Stegall Act of 1933
 
I plan to reintroduce HR 73 in the near future urging Congress to consider H.R. 381, which would reinstate the Glass-Steagall Act of 1933.

Glass-Steagall was one of many reforms initiated by former President Franklin Roosevelt after the widespread failures from the Great Depression of 1929. The measure was essentially a consumer protection bill intended to keep the financial market functions of commercial and investment banking separate. Other components of the act included the establishment of the Federal Deposit Insurance Corporation (FDIC) to insure deposits and establishment of the Securities and Exchange Commission (SEC) to police Wall Street.

Then, in 1999, Congress passed the Gramm-Leach-Bliley Act, which essentially repealed the consumer protections contained in Glass-Steagall. Supporters of repeal claim that the safeguards were both antiquated and cumbersome for the banking industry. The financial collapse of 2008 challenges that view.

Clear separation in lending and investing activities through reinstatement of Glass-Steagall’s firewall of protection is an important safeguard. Please join me in co-sponsoring this resolution urging Congress to reinstate the Glass-Steagall Act of 1933.

If you have any questions, please contact Kathy Seidl of my office at kseidl@pahouse.net or 787-4117.

Previous co-sponsors of HR 73: CALTAGIRONE , CUTLER , YOUNGBLOOD , ROEBUCK , KORTZ , FABRIZIO , SWANGER , HARKINS , McCARTER, MICOZZIE , MAHONEY , BARRAR , GIBBONS , HENNESSEY , THOMAS , KINSEY, EVERETT , FREEMAN , MIRABITO, JAMES, MOUL , WATERS , KIRKLAND , GAINEY, KRIEGER, KULA , V. BROWN, HARHAI , WHITE , SNYDER, W. KELLER , McNEILL, PAINTER, KILLION , MURT , MAHER , LUCAS, DAVIS, PASHINSKI , CLAY, READSHAW , HAGGERTY and DAVIDSON.

Introduced as HR238