Although it didn’t pass in the Delaware Senate, we commend Senators Bruce Ennis and Robert Venables for introducing Senate Resolution 8, a call to reinstate the Glass-Steagall Act.
Glass-Steagall was passed in 1933, and separated the commercial side of banking (the side you go to in order to borrow money for a car, home, or start a small business) from the investment banking side (where you attempt to turn your money into more money, but don’t actually produce anything). It was repealed in 1999 during the Clinton administration.
Scores of economists point to the undisciplined speculation that appeared in the wake of this repeal as the reason for the near destruction of the world’s financial systems in 2008. The one where banks got bailed out, and we got sold out.
This resolution…a resolution that lacks the power of law and is really just unsolicited advice, was fought, and fought hard by banks and their lobbyists. Folks from JP Morgan Chase (Tom Carper’s Wilmington office is in their building), Bank of America, the Delaware Bankers Association, and the Association of Mid-Atlantic Banks all paid a visit to Dover.
In the end, the banking industry’s muscle flexing worked, and SR 8 did not pass, although a similar House resolution (HR 129) did pass earlier.
So, again, we tip our hats to Senators Ennis and Venables.
We feel, however, that we should point out that this has been a Green Party demand for quite sometime. Additionally, this was a key and early demand from the Occupy movement. We are happy they have decided to join us, although they have not yet seen fit to acknowledge our influence.
Glass-Steagall needs to be reinstated. Will it happen? Not when the people elected to “serve” are owned by the very industries they are supposed to regulate.
We need Greens elected to offices, across the state, and across the country. Green Party candidates, and the party as a whole, do not accept corporate dollars. So we have no favors to repay. This also can make the climb a little more difficult. That’s why we need your support. Again…WE NEED YOUR SUPPORT!
What can you do?
1. Vote Green. There will be Green Party candidates running for office during the next election cycle (2014). Vote for them.
2. Register Green. The Green Party of Delaware needs approximately 675 registered party members to be listed on the ballot. This is important, because people will not vote for you if they do not see you listed. During the 2012 elections, many more voted Green than were registered, so ballot access is key. Changing your party affiliation is nearly the same as registering to vote.
3. Give Green. Yes, we need money. No amount is too small. We are all about grassroots democracy (it’s one of our Four Pillars), and that starts with you.
Additionally, please join us when you can at meetings (our Party Building meeting is the fourth Thursday of the month, location TBA) and events (in the planning stages…be ready!).