Washblog

Regulation of U.S. Financial Institutions

Dear Senators or Congressperson:

Is the Garn-St. Germain Depository Institutions Act of 1982 still in effect.

It is vitally important for me to know -- and vital to your office to know as this bill is of enormous importance to the regulation of financial institutions in the U.S.

The Garn-St. Germain Act played a major role in the Savings and Loan crisis of the late 1980s, I hope that you and your office staff are very aware of the scandal of the Keating Five and its huge cost to American taxpayers.

Therefore, please advise me as soon as possible if this bill is still in effect.

If it is, what are you doing to repeal it?

*

Regulation of U.S. Financial Institutions

Dear Senators or Congressperson:

I believe that the 1999 Gramm-Leach-Bliley Act (GLBA), which allowed commercial banks, investment banks, and insurers to merge -- a violation of antitrust laws under Glass-Steagall of 1933 -  is still in effect and is a grave disadvantage to honest taxpayers like me, my children, etc. Its effects have made it necessary to use my tax dollars to bail out Wall Street time after time and it must stop.

 I hope that you and your office staff are very aware of the enormous costs to me, a taxpayer, and to Main Street America of the Gramm-Leach-Bliley Act.

What are you doing to repeal this act? What are you doing to reinstate the Glass Steagall Act of 1933?

**

Commodities Regulation

Dear Senators or Congressperson:

In the year 2000, the Commodity Futures Modernization Act, a 262-page amendment was by stealth tucked into the omnibus spending bill signed into law that year by Bill Clinton. The Act was the work of Phil Gramm, Republican senator from Texas, and made it possible for the Enron debacle to occur and ushered in the new era of unregulated securities. It also made Phil and Wendy Gramm very rich at my expense.

I very much hope that you and your staff are aware of how very costly to me personally, as well as to millions of American voters and taxpayers, this Act was.

What are you doing to repeal this act? What are you doing to protect me, your average taxpayer and voter? What are you doing to protect Main Street America?