HR 190 Summary

• Urges Congress to immediately pass the Glass-Steagall Act to separate commercial and investment banking activities and prohibit banks from engaging in risky trading activities.

• States that the U.S. banking system contains over $200 trillion in derivatives on major bank books (2010) and over $600 trillion in swaps derivatives contracts being traded.

• Notes that federal bailouts of derivatives have reached over $26 trillion, resulting in budget cuts to state and local services and productive enterprises.

• Cites Glass-Steagall as law for 66 years until its 1999 repeal, which the resolution claims opened the current financial crisis, and references pending congressional bills HR 4375 and S. 2886 to reinstate it.

• Directs copies of this resolution be provided to members of the Alabama Congressional Delegation.