Burnaby, BC : ‘Supporting a Canadian push to limit banking powers’

Image by Stuart Miles / freedigitalphotos.net *

Image by Stuart Miles / freedigitalphotos.net *

” a new act would re-establish a firewall
between commercial and investment banking,
making the financial system more secure, stable (…)”

Glass-Steagall:
a U.S. Banking Act of 1933,
which prohibited commercial banks
from owning security brokerage firms”
(1) – emphasis added

***

Burnaby, BC, Calls for Glass-Steagall

LaRouchePAC
November 29, 2013

Burnaby, population 223,000, is the third-largest city in British Columbia. Its local paper, Burnaby Now, reported Nov. 27th on it’s City Council’s endorsement of restoration of the Glass-Steagall Act as

“In an effort to stave off another Great Depression or 2008 stock market crash, Burnaby is supporting a Canadian push to limit banking powers.

“Council recently received a letter from Robert Hux, of the committee for the Republic of Canada based in Montreal, calling for the reinstatement of American legislation on a global scale, known as Glass-Steagall.

“…Essentially, reinstating the act would make global ‘megabanks,’ such as J.P. Morgan Chase and the Bank of America, smaller and their failures would have less influence on the global market.

“‘…The idea being that a new act would re-establish a firewall between commercial and investment banking, making the financial system more secure, stable and manageable as history has shown that ‘self supervision’ by the banks and security firms has not been in citizens’ best interest,’ Denise Jorgenson, director of finance, stated in her report.

“…Council decided to write a letter of support to the committee for the Republic of Canada, in an effort to bring back Glass-Steagall legislation.” (2) – emphasis added

Sources:
(1) http://www.burnabynow.com/news/burnaby-throws-in-its-two-cents-on-global-banking-1.712622
(2) http://larouchepac.com/node/29033

* The publishing of this image does not imply that the author endorse this article.

*** More articles and videos from CanadaNewsLibre HERE !

Disclaimer: The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of CanadaNewsLibre. The contents of this article are of sole responsibility of the author(s). CanadaNewsLibre will not be responsible or liable for any inaccurate or incorrect statements. The CNL grants permission to cross-post original CanadaNewsLibre articles and videos on community internet sites as long as the text & title are not modified. The source and the author’s copyright must be displayed. canadanewslibre.com may contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available to our readers under the provisions of “fair use” in an effort to advance a better understanding of political, economic and social issues. The material on this site is distributed without profit to those who have expressed a prior interest in receiving it for research and educational purposes. If you wish to use copyrighted material for purposes other than “fair use” you must request permission from the copyright owner.

ↄ⃝  Copyleft CanadaNewsLibre 2013

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s