Apatow: Glass-Steagall - H.R. 1489 - Request for Commentary by the International Bar Association -- HRI: United Nations Arts Initiative

April 29, 2011 - PRLog -- When the topic of regulation enters into U.S. market discussions, the focus quickly transitions to the movement of operations overseas, to countries without regulatory obstacles. Since the integrity of the global financial system is determined by it's weakest link, all market participants, in every interconnected UN country, must function under the umbrella of a solid regulatory framework.

As noted in the commentary "Big Gnome: Financial situation can't last" [1] by UPI Editor at Large, Arnaud de Borchgrave:

"At a minimum, Karlweis concludes, "we will need a full reinstatement of the Glass-Steagall Act (repealed in 1999), which made it impossible for a single legal entity to conduct or control all types of financial business." This means institutions that receive deposits from the public must be clearly prohibited from speculating on their own behalf with the money of their depositors."

"The Banking Act of 1933 was a law that established the Federal Deposit Insurance Corporation (FDIC) in the United States and introduced banking reforms, some of which were designed to control speculation. It is most commonly known as the Glass–Steagall Act, after its legislative sponsors, Carter Glass and Henry B. Steagall....

Provisions that prohibit a bank holding company from owning other financial companies were repealed on November 12, 1999, by the Gramm–Leach–Bliley Act. The repeal of provisions of the Glass-Steagall Act of 1933 by the Gramm-Leach-Bliley Act effectively removed the separation that previously existed between Wall Street investment banks and depository banks. This repeal directly contributed to the severity of the Financial crisis of 2007–2010." -- Glass-Steagall Act: Wickpedia. [2]

On April 12, 2011, H.R.1489 -- Return to Prudent Banking Act of 2011 was introduced to the U.S. House of Representatives:

To repeal certain provisions of the Gramm-Leach-Bliley Act and revive the separation between commercial banking and the securities business, in the manner provided in the Banking Act of 1933, the so-called `Glass-Steagall Act', and for other purposes.

H.R.1489 -- Return to Prudent Banking Act of 2011
Bill Text: Library of Congress, 12 April 2011
Url: http://thomas.loc.gov/cgi-bin/query/z?c112:H.R.+1489:

Humanitarian Resource Institute is requesting legal analysis of "H.R.1489 -- Return to Prudent Banking Act of 2011" and commentary by the International Bar Association Human Rights Institute, for UN member countries.

UN International economic emergency contingency discussions continue. [3,4,5,6,7,8]

References:

1. Big Gnome: Financial situation can't last: UPI, 26 April 201. Url: www.upi.com/Top_News/Analysis/de-Borchgrave/2011/04/26/Commentary-Big-Gnome-Financial-situation-cant-last/UPI-17111303816102/
2. Glass-Steagall Act: Wickpedia. Url: en.wikipedia.org/wiki/Glass%E2%80%93Steagall_Act
3. Apatow: Jurisdiction Critical for Prosecution of Financial Crimes - FINCEN - Interpol - IBA: HRI-ICC: HRI:UNArts Humanitarian Intervention Initiative, 22 April 2011. Url: www.unarts.org/H-II/ref/4222011OHCHR.html
4. Apatow: Inside Job - Prosecution for Financial Crimes Top Priority - FINCEN - Interpol - IBA: HRI-ICC: HRI:UNArts Humanitarian Intervention Initiative, 19 April 2011. Url: www.unarts.org/H-II/ref/4192011OHCHR.html
5. Apatow: Documentary w/study Guide Targets Every U.S. City - Prime Time: HRI:UNArts Humanitarian Intervention Initiative, 18 April 2011. Url: www.unarts.org/H-II/ref/4182011OHCHR.html
6. Apatow On G20 Action Plan to Address the International Economic Emergency: HRI:UNArts Humanitarian Intervention Initiative, 16 April 2011. Url: www.unarts.org/H-II/ref/4162011OHCHR.html
7. Apatow Asks G20 to View Documentary: Inside Job - Establish Emergency Action Plan: HRI:UNArts Humanitarian Intervention Initiative, 15 April 2011. Url: www.unarts.org/H-II/ref/4152011OHCHR.html
8. Financial Crimes Referred to UN Commission on Human Rights - Security Council: HRI:UNArts Humanitarian Intervention Initiative, 13 April 2011. Url: www.unarts.org/H-II/ref/4132011OHCHR.html

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