GOP Congressman Introduces a Bill to Prevent Run on the Banks

Rep. Billy Long (R-Mo.) doesn't like what he sees in Cyprus

A GOP lawmaker has offered legislation calling on Congress to avoid any Cyprus-like confiscation of personal savings accounts. 

The measure from Rep. Billy Long (R-Mo.) was inspired by the banking crisis in Cyprus, which sent shivers through the markets this week when it considered assessing a levy against all bank deposits to help pay for a bailout of its major banks.