PRESS RELEASE

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Bill To Impose 'Glass-Steagall'-Like
Bank Separation Now in Italian Senate

May 31, 2013 (EIRNS)—Former Italian Economy minister Giulio Tremonti, now a Senator, on May 28 introduced a bill for Glass-Steagall-like bank separation into the Italian Senate. While the text is not yet on the Italian Senate site, the bill has the number S. 717, and is entitled "Mandate to the government to reform the banking system through separation between productive credit and speculative financial activity."

According to EIR's information, the text of the bill is identical to that filed by Tremonti in 2012, when he was in the Chamber of Deputies. The submission means that bills for full bank separation are now before both Italian Houses of Parliment, the bill in the Chamber of Deputies having been submitted on March 22 by a group of seven deputies from the Lega Nord political party.