In response to the introduction of the “21st Century Glass-Steagall Act,”AFL-CIO President Richard Trumka made the following statement:
We applaud the reintroduction of the “21st Century Glass-Steagall Act,” which will help restore our out-of-balance economy so that it works for working families. Before it was repealed in 1999, the original Glass-Steagall Act ensured that commercial banks weren’t allowed to play investment games that led to widespread financial meltdown. The 2010 Dodd-Frank Act improved economic stability in many ways, but the biggest banks are still allowed to gamble with taxpayer-backed funds. This means they still have the power to hold the nation’s economy hostage with threats that could leave taxpayers on the hook for another bailout.
Now is the time to change the rules and close loopholes that enable the big Wall Street banks to benefit themselves and increase their political power with no regard for protecting customers’ or taxpayers’ money. Working people should not have to suffer for the mistakes of unscrupulous financial institutions, and workers demand that this broken system be fixed.
Contact: Carolyn Bobb (202) 637-5018