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Kaptur-Jones Amendment Would Replace GOP Bill Entirely
With Glass-Steagall: Get It on the Floor!

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Left to right: Rep. Tim Ryan (D-OH), Rep. Walter Jones (R-NC), Rep. Marcy Kaptur (D-OH), Rep. Tulsi Gabbard (D-HI) in press conference promoting re-instatement of Glass-Steagall, February 1, 2017.

June 2, 2017 (EIRNS)—Today Representatives Kaptur and Jones submitted their "Return To Prudent Banking Act" bill, HR 790, as an amendment to HR 10, the Financial Choice Act of 2017. HR 10 is the Rep. Jeb Hensarling deregulation bill to undo Dodd-Frank, and return the nation to the economic chaos and gambling policy of Alan Greenspan, Hensarling’s mentor Phil Gramm and other authors of the economic disintegration of the past decades.

The Kaptur-Jones bill is not a defense of Dodd-Frank, but a simple return to Glass-Steagall. The amendment would strike the entirety of the 600-page Hensarling atrocity and replace it with Glass-Steagall. We might say "repeal and replace." The amendment likely will go before the House Rules Committee as early as this week for consideration. Because HR 10 has already passed through the Financial Services Committee and is heading to the House floor for debate and a vote, all of the amendments submitted (there are at least 15) will be considered by the Rules Committee to determine if they meet the criteria (yet to be determined) of being germane to the debate on HR 10.

The committee will likely hear testimony from Rep. Marcy Kaptur (D-OH) and possibly Rep. Walter Jones (R-NC), and engage in question and answer with the sponsors. They could vote this week, although even that is not guaranteed due to possible parliamentary maneuvering, not on the merits of the amendment. They will vote on simply whether it qualifies as germane to be taken up by the full House. The Rules Committee has 13 members. There are two current GS sponsors, Slaughter and McGovern, and a past sponsor, Hastings. The amendment sponsors suggest contacting the non GS co-sponsors urging them to vote the amendment to the floor. Again, the issue is not the merits of the amendment, but rather to insert into the debate.