April 10, 2019 - Issue: Vol. 165, No. 62 — Daily Edition116th Congress (2019 - 2020) - 1st Session

[Extensions of Remarks]
[Page E448]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                             GLASS-STEAGALL

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                           HON. MARCY KAPTUR

                                of ohio

                    in the house of representatives

                       Wednesday, April 10, 2019

  Ms. KAPTUR. Madam Speaker, I rise today to introduce the Return to 
Prudent Banking Act of 2019, a bill to reinstate the Glass-Steagall 
Act. In the wake of the Great Depression, the 1933 Glass-Steagall Act 
was passed in order to separate commercial and investment banks, and 
prevent Wall Street from gambling with the head-earned money of the 
American people.
  Tragically, the big banks and their crony lobbyists pushed Congress 
to repeal the law in 1999. This deeply misguided deregulation may have 
benefitted a few wealthy bankers. However, it opened the floodgates to 
the growth of financial institutions that are too big to fail and 
encouraged the type of risky behaviors that led to the crash of the 
American financial system in 2008.
  Although we made significant progress with the Dodd-Frank Act, large 
commercial and investment banks are still tied together in an 
institutional risk which poses dramatic systemic risk to the financial 
well-being of our country. I urge my colleagues to join me in passing 
the Prudent Banking Act to reimplement the vital protections of the 
Glass-Steagall Act that serve to ensure the security and stability of 
our financial system.

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