MO HCR49

Urges United States Congress to re-institute the Glass-Steagall law, which was repealed in 1999 under the Gramm-Leach-Bliley Financial Modernization Act.

Identifies the repeal of Glass-Steagall as enabling commercial banks to engage in investment banking and speculation, leading to the creation of "too big to fail" institutions.

Notes that Glass-Steagall originally created a firewall separating commercial banking from investment banking, insurance, and brokerage activities, and prohibited co-mingling of funds and speculation in derivatives.

States that the 37-page Glass-Steagall law was sufficient to protect the public, contrasting it with the 2,300-page Dodd-Frank Wall Street Reform and Consumer Protection Act, which does not prohibit derivatives trading.

Directs the Missouri House Chief Clerk to send an inscribed copy of this resolution to each member of the Missouri Congressional delegation.