HR466 Summary

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

• Attributes the 1999 repeal of Glass-Steagall to contributing to the 2008 financial crisis and subsequent recession, resulting in millions of foreclosures, job losses, and financial strain on states and local governments.

• Supports the Return to Prudent Banking Act of 2013 (House Resolution 129), which seeks to prohibit commercial banks and bank holding companies from investing in stocks, underwriting securities, or participating in derivative transactions.

• Notes widespread support for Glass-Steagall reinstatement from the American Federation of Labor, American Federation of Teachers, the International Association of Machinists, and prominent business and economic leaders.

• Directs distribution of the resolution to the President of the United States, presiding officers of Congress, and all Alabama members of Congress.