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The City of Burnaby, BC, letter of support to bring back Glass-Steagall legislation.

Printable version / Version imprimable

FINANCE AND CIVIC DEVELOPMENT COMMITTEE

HIS WORSHIP, THE MAYOR
AND COUNCILLORS

SUBJECT: APPEAL FOR A GLOBAL GLASS-STEAGALL

RECOMMENDATIONS:

1. THAT Council support the Committee for the Republic of Canada in its efforts to introduce a global provision that separates commercial bank and investment banking activities as provisioned in the US Banking Act of 1933, commonly referred to as Glass-Steagall.

2. THAT the Mayor on behalf of Council write a letter of support to the Committee for the Republic of Canada, P.O. Box 3011, Youville Station, Montreal, QC H2P 2Y8, in their appeal to enact global Glass-Steagall legislation.

REPORT

The Finance and Civic Development Committee, at its meeting held on 2013 November 13, received and adopted the attached report seeking Council support for reinstatement of Glass- Steagall legislation. Glass-Steagall legislation refers to specific provisions of the US Banking Act of 1933 in which limitations were placed on commercial bank securities activities and restrictions were imposed to limit affiliations between commercial banks and securities firms. A return to Glass-Steagall legislation for the US and introduction to the global community puts forth a foundational necessity that was identified after the Great Depression. The purpose of reinstatement is to support a stronger and more manageable banking system that protects the interests of depositors.

Respectfully submitted,

Councillor D. Johnston
Chair

Councillor C. Jordan
Vice Chair

Councillor P. McDonell
Member

Copied to:
Director Finance
City Manager

Here is 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 (in pdf format), that preceded the above letter of November 25th, supporting the reinstatement of a Global Glass-Steagall by the City of Burnaby, BC.

and

the November 29th letter by Derek R. Corrigan , Mayor of the City of Burnaby, British Columbia (in pdf format)