Bill Text: IL HR1093 | 2015-2016 | 99th General Assembly | Introduced
Bill Title: Urges the United States Congress and the President of the United States to enact legislation that, in order to prevent American taxpayers from being called upon to fund hundreds of billions of dollars to bail out financial institutions, would reinstate the separation of commercial and investment banking functions that was in effect under the Glass-Steagall Act, prohibiting commercial banks and bank holding companies from investing in stocks, from underwriting securities, and from investing in or acting as guarantors to derivative transactions.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2016-08-01 - Rule 19(b) / Re-referred to Rules Committee [HR1093 Detail]
Download: Illinois-2015-HR1093-Introduced.html
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1 | HOUSE RESOLUTION
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2 | WHEREAS, An effective money and banking system is essential | ||||||
3 | to the functioning of the United States economy; such a system | ||||||
4 | must function in the public interest without any bias; and
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5 | WHEREAS, Since 1933, the Federal Banking Act, also referred | ||||||
6 | to as the Glass-Steagall Act, has protected the
public interest | ||||||
7 | through the regulation of commercial and investment banking, | ||||||
8 | insurance companies, and securities; important provisions of | ||||||
9 | the Glass-Steagall Act were repealed in 1999, partially | ||||||
10 | contributing to the greatest speculative
bubble and worldwide | ||||||
11 | recession since the Great Depression; and
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12 | WHEREAS, The worldwide recession greatly affected our | ||||||
13 | country's economy and citizens' lives; it left millions
of | ||||||
14 | homes in foreclosure and caused the loss of millions of jobs | ||||||
15 | nationwide; the recession also put severe financial
strains on | ||||||
16 | states, counties, cities, and other municipalities, | ||||||
17 | exacerbating unemployment and the loss of public services; and
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18 | WHEREAS, The U.S. House of Representatives and U.S. Senate | ||||||
19 | have been making efforts to restore the
protections of the | ||||||
20 | Glass-Steagall Act; U.S. Representative Marcy Kaptur has | ||||||
21 | introduced H.R. 381, known as the Return
to Prudent Banking Act | ||||||
22 | of 2015, which would revive the separation between commercial |
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1 | banking and the securities
business in the manner provided by | ||||||
2 | the Glass-Steagall Act; U.S. Senator Elizabeth Warren, along | ||||||
3 | with Senators John
McCain, Maria Cantwell, Angus King, and | ||||||
4 | others have introduced the 21st Century Glass-Steagall Act (S. | ||||||
5 | 1709),
which would reduce risk for American taxpayers in the | ||||||
6 | financial system and decrease the likelihood of future | ||||||
7 | financial
crises; and
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8 | WHEREAS, The Glass-Steagall Act has widespread national | ||||||
9 | support from prominent economic and business
leaders and | ||||||
10 | national publications, including Thomas Hoenig of the Federal | ||||||
11 | Deposit Insurance Corporation, former
CEO of Citigroup Sanford | ||||||
12 | Weill, economist Luigi Zingales, the New York Times, the St. | ||||||
13 | Louis Post-Dispatch, the Los
Angeles Times, and many others; | ||||||
14 | and
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15 | WHEREAS, Resolutions demanding action to return to | ||||||
16 | Glass-Steagall protections have been introduced in at least
25 | ||||||
17 | states since 2013; Maine and South Dakota both passed | ||||||
18 | resolutions on the matter in 2013; additionally, both the | ||||||
19 | Alabama and Indiana Houses of Representatives adopted | ||||||
20 | resolutions urging
action to reinstate Glass-Steagall; and
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21 | WHEREAS, Overwhelming pressure must be brought to bear on | ||||||
22 | members of the U.S. House of
Representatives and U.S. Senate to | ||||||
23 | take action to pass this important legislation; therefore, be |
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1 | it
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2 | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | ||||||
3 | NINETY-NINTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we | ||||||
4 | urge the United States Congress and the President of the United | ||||||
5 | States to
enact legislation that, in order to prevent American | ||||||
6 | taxpayers from being called upon to fund hundreds of billions | ||||||
7 | of
dollars to bail out financial institutions, would reinstate | ||||||
8 | the separation of commercial and investment banking functions
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9 | that was in effect under the Glass-Steagall Act, prohibiting | ||||||
10 | commercial banks and bank holding companies from
investing in | ||||||
11 | stocks, from underwriting securities, and from investing in or | ||||||
12 | acting as guarantors to derivative
transactions; and be it | ||||||
13 | further
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14 | RESOLVED, That suitable copies of this resolution be | ||||||
15 | delivered to President Barack Obama, U.S. Speaker of the House | ||||||
16 | Paul Ryan, U.S. Senate Majority Leader Mitch McConnell, and all | ||||||
17 | members of the Illinois Congressional Delegation.
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