U.S. POLITICAL AND ECONOMIC

U.S. Credit Union Makes Case To Reenact Glass-Steagall To Deal with Banking Collapse

Oct. 22 (EIRNS)—Dan Berger, the chief executive officer of the National Association of Federally-insured Credit Unions (NAFCU) made a call on Sept. 17 for reenactment of the Glass-Steagall Act. He warned that the big banks have to be broken up before the cause an economic collapse if one of them failed.

“One bank is bigger than an entire credit union industry out there—there are trillion dollar institutions, so you have large investment banks using consumer’s deposits to make risky investments,” Berger told the Hill.TV co-host Krystal Ball and Buck Sexton on the Sept. 17 broadcast of “Rising.”

“The recession could probably hit end of 2019—maybe the first, second quarter of 2020, something for Congress to take a look at so American consumers are protected,” Berger said.

He argued for Congress to bring back the Glass-Steagall Act, which separated commercial banking from investment banking.