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OH HJR7

Joint Resolution

Status

Introduced

3/8/2016

Primary Sponsor

Michael Sheehy

Click for details

Origin

House of Representatives

131st General Assembly (2015-2016)

AI Summary

  • Urges United States Congress and the President to enact legislation reinstating the separation of commercial and investment banking functions that existed under the Glass-Steagall Act.

  • Cites the 1999 repeal of Glass-Steagall provisions as a partial contributor to the 2008 financial crisis and resulting economic damage including millions of home foreclosures and job losses.

  • References pending federal legislation including H.R. 381 (Return to Prudent Banking Act of 2015) and S. 1709 (21st Century Glass-Steagall Act) that would restore banking separation protections.

  • Prohibits commercial banks and bank holding companies from investing in stocks, underwriting securities, and investing in or guaranteeing derivative transactions.

  • Directs the House Clerk to transmit copies of the resolution to the President, Congress leadership, Ohio's congressional delegation, and specified federal legislators and news media.

Legislative Description

Urges reinstating commercial and investment bank separation

Last Action

Refer to Committee: State Government

4/13/2016

Committee Referrals

State Government4/13/2016

Full Bill Text

No bill text available