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OH SCR7
Concurrent Resolution
Status
Prefiled
N/A
Primary Sponsor
Michael Skindell
Click for details
AI Summary
- Urges United States Congress and the President to enact legislation reinstating the separation of commercial and investment banking functions established by the Glass-Steagall Act
- Cites the 1999 repeal of Glass-Steagall provisions as partially contributing to the 2008 financial crisis, resulting in millions of home foreclosures and job losses nationwide
- References H.R. 381 (Return to Prudent Banking Act of 2015) and S. 1709 (21st Century Glass-Steagall Act) as existing federal legislative efforts to restore Glass-Steagall protections
- Notes that at least 25 states have introduced similar resolutions since 2013, with Maine, South Dakota, Alabama, and Indiana passing resolutions urging Glass-Steagall reinstatement
- Prohibits commercial banks and bank holding companies from investing in stocks, underwriting securities, or investing in or guaranteeing derivative transactions
Legislative Description
Congress separate commercial and investment banking functions
Commerce : Financial Institutions
Last Action
Refer to Committee: Insurance and Financial Institutions
5/24/2017
Committee Referrals
Insurance & Financial Institutions5/24/2017
Full Bill Text
No bill text available