LULAC Adopts Resolution Urging Congress to Re-Enact Glass-Steagall

The following resolution was passed by the League of United Latin American Citizens (LULAC) at its 86th Annual National Convention, July 11, 2015, in Salt Lake City, Utah. LULAC is the nation’s oldest and largest Latino organization, with a stated mission to “advance the economic condition, education attainment, political influence, housing, health and civil rights of the Hispanic population of the United States.”

RESOLUTION: LULAC REAFFIRMS SUPPORT FOR RESTORATION OF GLASS-STEAGALL BANKING LAW, URGES ADOPTION OF H.R. 381 AND S. 1709

WHEREAS, in response to the Great Depression of the 1930’s, Congress enacted the Federal Banking Act of 1933, known as the Glass-Steagall Act, that separated commercial banking from investment and speculative banking; and

WHEREAS, the Glass-Steagall Act successfully protected American citizens and jobs from 1933-1999, when it was repealed, allowing commercial and speculative bank activity to merge, underwriting financial bubbles in the tens of trillions of dollars and creating banks “too big to fail”; and

WHEREAS, the hyper-leveraged mass of debt is now on the verge of a new 2008-style blow-out, with Greece and Puerto Rico demonstrating the need for immediate debt reorganization beginning with restoring Glass-Steagall; and

WHEREAS, in its July 2011 national convention, LULAC endorsed the restoration of Glass-Steagall, to re-connect the banking system with productive jobs, infrastructure, and other physical economic growth; and

WHEREAS, H.R. 381, the “Return to Prudent Banking Act of 2015”, calling for the re-instatement of Glass-Steagall, was introduced in January 2015 and currently has over 60 bipartisan co-sponsors; and the parallel S. 1709, the “21st Century Glass-Steagall Act”, was introduced July 7, 2015, with four bipartisan co-sponsors;

THEREFORE, BE IT RESOLVED, that LULAC reaffirms its support for the restoration of the Glass-Steagall banking law, and demands that Congress immediately enact HR 381 and S 1709.