|Posted:||March 10, 2017 02:23 PM|
|From:||Representative Christopher M. Rabb|
|To:||All House members|
|Subject:||Urging Congress to support and reinstate portions of the Glass-Steagall Act|
|In the near future, I will be introducing a resolution urging Congress to reinstate the separation of commercial and investment banking functions that were previously in place under the Glass-Steagall Act.
As you know, for 66 years, the Glass-Steagall Act separated investment and commercial banking; these provisions helped prevent banking crises, like the crisis from 2008. With sensible and reasonable banking regulations we can grow our economy in a measured, secure fashion. In this manner, we can avoid speculative bubbles and major economic downturns.
In addition, my resolution will also urge Congress to return to national banking and direct credit for infrastructure projects. National banking policies built America’s early canals, railroads, highways, and other infrastructure. From Alexander Hamilton’s National Bank, to the Reconstruction Finance Corporation (RFC), we have models from history that can be used to rebuild and improve our nation’s infrastructure for decades to come.
While financing these projects, we will be giving America’s and Pennsylvania’s underemployed and unemployed the tools to build America’s next century.
I hope you will join me in co-sponsoring this important legislation. Thank you.
Introduced as HR268