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MI HR0260
Resolution
Status
Introduced
11/5/2013
Primary Sponsor
Brian Banks
Click for details
AI Summary
- Urges Congress and the President to enact legislation reinstating the separation of commercial and investment banking functions from the Glass-Steagall Act of 1933
- Prohibits commercial banks and bank holding companies from investing in stocks, underwriting securities, or investing in derivative transactions
- Cites the 1999 repeal of Glass-Steagall as partially contributing to the financial crisis, resulting in home foreclosures, job losses, and strain on state and local services
- Notes that 18 states have filed resolutions supporting Glass-Steagall reinstatement as of September 9, 2013, with Maine and South Dakota having passed legislation through both houses
- Directs copies of the resolution to be sent to the President, Congress leadership, Michigan's congressional delegation, and sponsors of related federal legislation (H.R. 129 and S. 1282)
Legislative Description
A resolution to urge the Congress and the President of the United States to enact legislation that would reinstate the separation of commercial and investment banking functions in effect under the Glass-Steagall Act.
President of the United States
Last Action
Referred To Committee On Financial Services
11/5/2013
Committee Referrals
Financial Services11/5/2013
Full Bill Text
No bill text available