NJ SR90

Urges the President and U.S. Congress to reinstate the separation between commercial and investment banking that existed under the Glass-Steagall Act of 1933

Notes that the Glass-Steagall Act was repealed in 1999, allowing commercial banks to merge with investment firms, insurance companies, and mortgage companies into large financial conglomerates

Argues that speculative activities and irresponsible financial practices by these conglomerates contributed to the housing market collapse and the worst recession since the Great Depression

States that the 2010 Dodd-Frank Wall Street Reform Act did little to separate commercial and investment banking despite being enacted to address recession causes

References the federal "Return to Prudent Banking Act of 2023" (H.R.2714) as model legislation that would reimpose restrictions on affiliations between commercial banks and securities firms