Indiana Farmers Union Issues Call for 21st Century Glass-Steagall Act Passage
Indiana Farmers Union (INFU) president Jim Benham issued a press release today, “Family Farmers and Consumers Will Benefit from 21st Century Glass-Steagall Act,” announcing that he has written to Indiana Congressmen and Senators urging reinstatement of the Glass-Steagall law.
“Risky financial behavior in the U.S. finance sector is an issue that affects all Americans. Since the financial crisis of 2008 and the collapse of Bear Sterns, Lehman Brothers and other large financial institutions, many family farmers and consumers have lost confidence in the effectiveness of laws regulating banking and financial entities,” the press release reads. “INFU President Jim Benham believes that the 21st Century Glass-Steagall Act (S. 1709, HR 3054) will address risky financial behavior and, in a recent letter to lawmakers, urged support for this bill.”.
The INFU, representing grain farmers, vegetable growers, fruit growers, livestock farmers, and dairy farmers from across the state,
“supports the re-regulation of the financial services industry and believes that reinstating provisions of the Glass-Steagall Act of 1933 would prohibit commercial banks from engaging in speculative investments using bank depositor funds.”
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