MI SR0098

Urges Congress and the President to reinstate the separation of commercial and investment banking functions established under the Glass-Steagall Act of 1933.

Cites the 1999 repeal of Glass-Steagall as a contributing factor to the financial crisis, resulting in widespread foreclosures, job losses, and financial strain on state and local governments.

References federal legislative efforts including H.R. 129 (Return to Prudent Banking Act of 2013) and S. 1282 (21st Century Glass-Steagall Act of 2013) to restore banking protections.

Notes that as of September 9, 2013, 18 states have filed resolutions supporting Glass-Steagall reinstatement, with Maine and South Dakota having passed resolutions through both legislative houses.

Proposes prohibiting commercial banks and bank holding companies from investing in stocks, underwriting securities, or engaging in derivative transactions to prevent taxpayer-funded bailouts.