This week, Rep. Marcy Kaptur (D-Ohio) introduced the Return to Prudent Banking Act of 2019, This legislation, supported by CWA, would reinstate and expand the Glass-Steagall Act of 1933, a bill that restricted affiliations between commercial and investment banks in the fallout of the Great Depression. Kaptur's bill is designed to address the predatory economic power of Wall Street banks and billionaires and to make the financial system work for working people – not just the wealthy and the well-connected.
"The same Wall Street banks that crashed our economy in 2008 and put millions out of work remain too-big-to-fail to this day," said CWA's Director of Legislation, Politics, and International Affairs Shane Larson. "We need to ensure that our members' and our retirees' livelihoods aren't jeopardized again by the reckless behavior of a Wall Street megabank. This bill is a smart solution that would reinstate the barrier between commercial and investment banking and make our financial system safer."