HJR121 Summary

• Urges Congress to enact legislation reinstating the separation of commercial and investment banking functions that existed under the Glass-Steagall Act of 1933.

• Prohibits commercial banks and bank holding companies from investing in stocks, underwriting securities, or investing in or guaranteeing derivative transactions.

• Attributes the 1999 repeal of Glass-Steagall to contributing to the financial crisis, resulting in millions of foreclosures, job losses, and financial strain on states and cities.

• References House Resolution 129 (the Return to Prudent Banking Act of 2013) and notes support from labor organizations, teachers' unions, FDIC officials, former Citigroup CEO Sanford Weill, and major newspapers.

• Requires distribution of the resolution to the President, presiding officers of Congress, and all Alabama congressional members.