DE HCR61

Urges the President and Congress of the United States to enact legislation reinstating the separation between commercial and investment banking that existed under the Glass-Steagall Act of 1933.

Cites the 1999 repeal of Glass-Steagall as enabling commercial banks to merge with investment firms, insurance companies, and mortgage companies, forming large financial conglomerates that engaged in speculative activities.

References the 2008 financial crisis and housing market collapse, which resulted in millions of job losses, home foreclosures, and hundreds of billions in taxpayer bailouts for institutions deemed "too big to fail."

Notes that the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act failed to adequately address the root causes of the recession by separating commercial and investment banking functions.

Directs that copies of the resolution be sent to the President, congressional leadership, and all Delaware members of Congress.