Banking Act

"We need to rebuild the wall of Glass-Steagall so banks will stop diverting resources to Wall Street speculation and get back to more business lending to main street," Maria Cantwell
I would like to applaud Sens. Maria Cantwell (D-WA) and John McCain (R-AZ) for introducing legislation to rebuild Glass-Steagall. Banks need to stop diverting resources to Wall Street and act more like banks. “If enacted, the bill would mean that J.P. Morgan Chase Co. would have to give up the Bear Stearns trading operations it acquired earlier in the year, or separate its Chase retail-banking arm.”
They will be trying to restore this legislation that, was imposed in the wake of the Great Depression, put a wall between commercial banking and investment banking and insurance. In 1999, Gramm-Leach-Bliley Act passed by a huge majority in Congress and was signed by Bill Clinton which led to a lot of deregulation. This is what caused the Great Depression and what caused what ever you want to call this era (some say recession some say depression) we are in today? This is very important not only to pass this bill but to offer more regulations to the institutions that have bankrupted us.
Let’s hold them accountable. President Barack Obama argued on the campaign trail that Gramm-Leach-Bliley Act of 1999, which repealed part of the Glass-Steagall Act of 1933, led to deregulation that helped cause the crisis. Now with this bill being proposed the White House has been quiet on this issue. Those who have spoken have said that these firms have already merged their banking and investment activates and it would be too difficult to separate them now. Hold them accountable write your congressman. Write your Senator. Write the President. Tell them to support this bill. Be a part of the Democratic system that we hold so dear. Tell them that we can’t let this fiasco happen again. Businesses should never be too big to fail!!!