Granche asks council to support H.R. 1489
Elk County citizen Bill Granche addressed members of city council during their meeting on Monday evening to request that council members pass a resolution expressing their support for federal House Resolution 1489. Granche explained that he had already approached the Ridgway Borough Council regarding the same issue, which is being addressed through a grassroots effort."I'm part of a grassroots effort to deal with a national issue related to the Glass-Steagall Act. That was an act that was started off in 1933. It had a lot to do with money," Granche said. He remarked that the act basically prevents depositors' money from being used and gambled, such as he indicated has been a common occurrence in recent years. "What I'm asking you to do, and the councils that I've gone to, is to contact Glenn Thompson. This is a bipartisan effort. It is regarding H.R. 1489 to bring back the Glass-Steagall act," Granche said.He requested that council members pass a resolution endorsing the measure, which is known as the Return to Prudent Banking Act of 2011. It was introduced on April 12 by Rep. Marcy Kaptur, a Democrat from Ohio, and has currently been referred to a committee. The measure would reinstate provisions of the Glass-Steagall legislation that prohibited banks from engaging in both commercial banking and investment banking.