Restore Prudent Banking and Confidence to Our Nation's Banking System

Floor Speech

BREAK IN TRANSCRIPT

Ms. KAPTUR. Mr. Speaker, I rise today to introduce the Return to Prudent Banking Act to restore prudent banking and confidence to our Nation's banking system.

This bill would reinstate essential provisions of legislation born from the ashes of the Great Depression: The Glass-Steagall Act, also known as the Banking Act of 1933.

Carelessly, in 1999, Congress repealed the Glass-Steagall Act, and you can see the growing concentration of banks just in this country. Three banks control a third of the money in this country. What has really been happening is, the repeal of that act opened the floodgates for speculation, for speculators on Wall Street and other places to empty out the worth of Americans' life savings.

By 2008, investment firms had gambled it all away in their version of the Wall Street casino. Their greed cost hardworking Americans their homes, their savings, their jobs. Speculation plunged our Nation into a deep recession.

Now, here we go again watching bank runs--SVB over in California, Signature over on the East Coast in New York--bank runs, failures, massive buyouts, cryptocurrency schemes, and rampant speculation and high-risk Chinese tech companies.

Wake up, America. Let's restore prudent banking. Let's pass the Glass-Steagall Act.

Mr. Speaker, we need to corral the raging bulls who cloak their unbridled speculation under the cover of prudent banking.

BREAK IN TRANSCRIPT

Source