The City of Burnaby, BC, Calls for Glass-Steagall
29 November 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.
"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."
Here is the November 29th letter by Derek R. Corrigan , Mayor of the City of Burnaby, British Columbia (in pdf format)
the November 13th Committee report from the Director of Finance to the Chair and members of Finance and Civic Development Committee to support the of Glass-Steagall legislation, that preceded the letter of November 25th, supporting the reinstatement of a Global Glass-Steagall by the City of Burnaby, BC.(in pdf format)