NJ SR74

Urges the United States Congress to enact legislation reinstating the Glass-Steagall Act, which originally separated commercial and investment banking activities

Notes that the Glass-Steagall Act was repealed in 1999, allowing commercial banks to merge with investment firms, insurance companies, and mortgage companies to form large financial conglomerates

Asserts that post-repeal speculative activities and irresponsible financial practices by these conglomerates contributed to the 2008 housing market collapse and subsequent recession

Argues that the Dodd-Frank Wall Street Reform and Consumer Protection Act did not adequately address the separation of commercial and investment banking

Directs copies of the resolution to be sent to congressional leadership and all New Jersey members of Congress