NJ SR68

New Jersey Senate Resolution urges the President and Congress to reinstate the separation between commercial and investment banking that existed under the Glass-Steagall Act of 1933

Glass-Steagall Act was repealed in 1999, allowing commercial banks to merge with investment firms, insurance companies, and mortgage companies to form large financial conglomerates

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

Notes that the Dodd-Frank Act of 2010 failed to adequately separate commercial and investment banking functions

References H.R.2714, the "Return to Prudent Banking Act of 2023," as federal legislation that would restore Glass-Steagall-style restrictions on bank affiliations with securities firms