News from Representative Gabbard

   

February 3, 2017

Aloha Emily,

From the Great Depression through the turn of the 21st Century, Glass-Steagall helped keep our economy safe. When Congress repealed it in 1999, it allowed too-big-to-fail banks to gamble with the savings and livelihoods of the American people, with devastating, irrevocable consequences.

Hawai'i, along with communities across the country, paid the price in 2008 with the worst financial crisis since the Great Depression. Many people lost their homes and saw their life savings wiped out because of risky banking practices by the country’s biggest financial institutions.


This week, I helped reintroduce the Return to Prudent Banking Act

We've made some important progress since 2008, but the reality is that the banks that were "too big to fail" in 2008 are even bigger and more powerful now. That's why I joined my colleagues on both sides of the aisle in introducing the Return to Prudent Banking Act (H.R.790) this week. The bill would reinstate important consumer protections put in place after the Great Depression and require separation between commercial and investment banking.

We must reinstate Glass-Steagall and create a financial system that works for every American—not just Wall Street banks. To learn more about what I'm working on to break up the big banks, hold Wall Street accountable, and protect our economy, click here.


With Aloha,

Tulsi Gabbard
Member of Congress (HI-02)

   

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