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It is now a little less than three years since we came within an eyelash of a total collapse of the economy. Our elected “leaders” in Washington stubbornly cling to their claims that we are simply in a recession. Those who brought about the meltdown are still raking in billions in bonuses. “Too big to fail” financial institutions are bigger than ever.
As a people, we seem incapable of learning from history.
The Great Depression resulted in the enactment of the Glass-Steagall Act of 1933 that, until its total repeal in 1999, regulated the banking industry and ensured its stability.
Less than a decade later, the entire financial system lay in ruins, millions of Americans had lost their jobs, millions more lost their homes and trillions of taxpayer dollars found their way into the hands of those most responsible for the catastrophe.
Now comes House Resolution 1489, the Return to Prudent Banking Act, sponsored by Ohio Rep. Marcy Kaptur and co-sponsored by 23 others. If enacted, this bill would restore the protections of Glass-Steagall. H.R. 1489 is building momentum and gaining new co-sponsors at a fairly rapid pace.
There will not be millions of dollars spent lobbying for its passage; probably not even thousands. But there should be thousands, even millions, of American voters lobbying their congressional representatives to support and co-sponsor this important, non-partisan first step to economic recovery.
I encourage every Spencer County resident, regardless of political affiliation, to contact Congressman Brett Guthrie for his support.
Scott B. Pulliam