NJ SR67

New Jersey Senate resolution urging the U.S. Congress to reinstate the Glass-Steagall Act to strengthen the financial system by separating commercial and investment banking

The original Glass-Steagall Act (Banking Act of 1933) was repealed in 1999, allowing commercial banks to merge with investment firms, insurance companies, and mortgage companies into large financial conglomerates

The resolution argues these post-repeal conglomerates engaged in speculative activities that contributed to the 2008 housing market collapse and the worst recession since the Great Depression

The Dodd-Frank Act of 2010 is characterized as inadequate because it does little to actually separate commercial and investment banking functions

Copies of the resolution would be transmitted to congressional leadership and all New Jersey members of Congress