The bill to reinstate Glass-Steagall introduced in April by Rep. Marcy Kaptur (D-Ohio), as “The Return to Prudent Banking Act of 2023,” is H.R. 2714, and now has listed 11 co-sponsors.
It is commanding much more attention by the hour—including on Capitol Hill, as the wave of bank troubles and failures grows by the hour.
In the lead for trouble tonight are PacWest, based on Los Angeles, and Western Alliance, based in Phoenix, whose stock values have tanked.
No wonder that Federal Reserve Chairman Jerome Powell had to say yesterday, “the U.S. banking system is sound and resilient.”
