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Granche asks council to support H.R. 1489

June 7, 2011

On Monday evening, Bill Granche asked members of city council to support H.R. 1489. Photo by Becky Polaski.

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.

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