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MN SF2165

Bill

Official Source

Status

Introduced

3/3/2014

Primary Sponsor

Mark Anderson

Click for details

Origin

Senate

88th Legislature 2013-2014

AI Summary

  • Urges Congress to reinstate the Glass-Steagall Act's separation of commercial and investment banking functions that were repealed in 1999
  • Prohibits commercial banks and bank holding companies from investing in stocks, underwriting securities, or investing in derivative transactions
  • Argues that reinstating Glass-Steagall would prevent taxpayer-funded bailouts of financial institutions and reduce systemic financial risks
  • Directs Minnesota's Secretary of State to transmit copies of the memorial to the President, Congress, and Minnesota's federal representatives

Legislative Description

Resolution memorializing the President and Congress to enact legislation that would reinstate the separation of commercial and investment banking functions that were in effect under the Glass-Steagall Act, the Banking Act of 1933

Last Action

Withdrawn and returned to author

3/10/2014

Committee Referrals

Commerce3/3/2014

Full Bill Text

No bill text available