Courtesy of Karl Denninger at The Market Ticker
Gee, Marcy Kaptur introduces this, and where are the sponsors?
Roscoe Bartlett [R-MD6]
John Conyers [D-MI14]
Danny Davis [D-IL7]
Marcia Fudge [D-OH11]
Jesse Jackson [D-IL2]
Walter Jones [R-NC3]
James McDermott [D-WA7]
James Moran [D-VA8]
Kurt Schrader [D-OR5]
Louise Slaughter [D-NY28]
Edolphus Towns [D-NY10]
Maxine Waters [D-CA35]
Lynn Woolsey [D-CA6]
Where’s Ron Paul in this list? Bachmann? Anyone with an "R" after their name?
What does this bill do? Put Glass-Steagall back in force. That’s all. The text is refreshingly short and not difficult to understand at all.
To repeal certain provisions of the Gramm-Leach-Bliley Act and revive the separation between commercial banking and the securities business, in the manner provided in the Banking Act of 1933, the so-called "Glass-Steagall Act", and for other purposes.
The text begins with:
(a) Wall Between Commercial Banks and Securities Activities Reestablished- Section 18 of the Federal Deposit Insurance Act (12 U.S.C. 1828), as amended by section 615(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is amended by adding at the end the following new subsection:
You keep hearing about how the "Tea Party" is about fiscal responsibility and capitalism. Well, if so, where’s their support of this? Why isn’t this bill on the floor right now, being debated and passed with broad, near-unanimous bipartisan support?
I’ll tell you why: You are being conned America – AGAIN.
