Ohio Congresswoman Marcy Kaptur reintroduced the Return to Prudent Banking Act of 2023 to reinstate essential provisions of the 1933 Glass-Steagall Act, including the restoration of the separation between commercial and investment banking. Her statement prominently notes: “The legislation has been endorsed by the Schiller Institute and the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO).” (https://kaptur.house.gov/media-center/press-releases/kaptur-reintroduces-return-prudent-banking-act-reinstate-key-provisions)
It then reads: “ ‘The 2008 financial crash nearly took down our entire economy and led to the great recession wiping out the income and savings for many Americans. The recent collapse of Silicon Valley Bank in California and Signature Bank in New York echoes the 2008 collapse with speculators squeezing through every regulatory keyhole to find an avenue to game the system,’ said Congresswoman Marcy Kaptur. ‘In 2023, here we are again, watching bank runs, failures, and massive buyouts. Wall Street has proven that it cannot control itself, and it is only a matter of time before it steers America into the next financial crisis. It cannot be any clearer that the time for systemic reform is now, which is why I am introducing the Return to Prudent Banking Act to do just that.’
“The Return to Prudent Banking Act does the following:
