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MI SR0138
Resolution
Status
1/28/2016
Primary Sponsor
Bertram Johnson
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AI Summary
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Urges the U.S. Congress and President to enact legislation reinstating the separation of commercial and investment banking functions established by the Glass-Steagall Act of 1933.
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Cites the 1999 repeal of key Glass-Steagall provisions as contributing to the 2008 financial crisis and resulting widespread foreclosures, job losses, and fiscal strain on states and municipalities.
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References federal legislative efforts including H.R. 381 (Return to Prudent Banking Act of 2015) and S. 1709 (21st Century Glass-Steagall Act) that seek to restore banking separations.
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Notes support for Glass-Steagall reinstatement from prominent economic leaders, business figures, and national publications, and acknowledges similar resolutions passed by at least 25 states since 2013.
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Directs transmission of this resolution to the President, Congressional leadership, Michigan's congressional delegation, and specific co-sponsors of federal Glass-Steagall restoration bills.
Legislative Description
A resolution to urge the United States Congress and the President of the United States to enact legislation that would reinstate the separation of commercial and investment banking functions that was in effect under the Glass-Steagall Act.
Glass-Steagall Act
Last Action
Referred To Committee On Banking And Financial Institutions
1/28/2016