IL HR1093

Illinois House urges U.S. Congress and President to reinstate Glass-Steagall Act provisions separating commercial and investment banking functions.

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

States that repeal of Glass-Steagall protections in 1999 partially contributed to the 2008 financial crisis and worldwide recession that caused millions of foreclosures and job losses.

Notes that resolutions demanding Glass-Steagall reinstatement have been introduced in at least 25 states since 2013, with Maine, South Dakota, Alabama, and Indiana passing such resolutions.

Directs delivery of the resolution to President Obama, House Speaker Paul Ryan, Senate Majority Leader Mitch McConnell, and all Illinois Congressional delegation members.