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1st Glass-Steagall
As your U.S. Senator I would introduce Representative Marcy Kaptur’s [OH-9] House Resolution H.R. 1489 in the U.S. Senate to reinstate the Glass-Steagall Act 1933-1999. I will vote to restore Glass-Steagall.
- SHORT TITLE(S) AS INTRODUCED:
Return to Prudent Banking Act of 2011
- OFFICIAL TITLE AS INTRODUCED:
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.
Under the Glass-Steagall Act 1933-1999:
Commercial Banking (checking, savings, and business loans) would retain legitimate liabilities and real assets and remain under Federal protection.
The securities
business, (Investment Banking), would remain free to speculate but their fictitious debt and fictitious assets, (derivatives) would not be bailed out.
Cap and Trade (carbon derivatives)
I'll vote to repeal Cap and Trade legislation which is projected to become a $2 Trillion derivatives bubble.
2nd Hamiltonian Credit System
After Glass-Steagall bankruptcy reorganization our banks will have too few real assets remaining and would have to be re-capitalized. I will vote to reestablish the Hamiltonian Credit System, a Third National Bank.
3rd North American Water and Power Alliance - NAWAPA
The proposed 1960’s North American Water and Power Alliance was never funded. NAWAPA is a ten year infrastructure project that’s large enough to be an economic driver. With a Glass-Steagall financial system and a Hamiltonian Credit System it would be possible to start the NAWAPA economic driver project.
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• Robert Lauten for U.S. Senate