Bill Text: IN HR0086 | 2013 | Regular Session | Introduced
Bill Title: Urging Congress to support separation of commercial and investment banking.
Spectrum: Bipartisan Bill
Status: (Passed) 2013-04-11 - First reading: adopted voice vote [HR0086 Detail]
Download: Indiana-2013-HR0086-Introduced.html
A HOUSE RESOLUTION urging the Congress of the
United States to support efforts to reinstate the separation of
commercial and investment banking functions in effect under
the Glass-Steagall Act and supporting H.R. No. 129.
Whereas, An effective money and banking system is essential to
the functioning of the economy;
Whereas, Such a system must function in the public interest,
without bias;
Whereas, Since 1933, the Federal Banking Act of 1933, known as
the Glass-Steagall Act, protected the public interest in matters dealing
with the regulation of commercial and investment banking, in addition
to insurance companies and securities;
Whereas, The Glass-Steagall Act was repealed in 1999, partially
contributing to the greatest speculative bubble and worldwide
recession since the Great Depression;
Whereas, The worldwide recession has left millions of homes in
foreclosure;
Whereas, The worldwide recession has caused the loss of millions
of jobs nationwide;
Whereas, The worldwide recession has put severe financial strains
on states, counties, and cities, exacerbating unemployment and loss of
civil services;
Whereas, The United States Senate and House of Representatives
have been making efforts to restore the protections of the Glass-
Steagall Act;
Whereas, Congresswoman Marcy Kaptur has introduced H. Res.
129, known as the Return to Prudent Banking Act of 2013, and reviving
the separation between commercial banking and the securities
business in the manner provided in the Glass Steagall Act; and
Whereas, The Glass-Steagall Act has widespread national
support from prominent economic and business leaders, including
Thomas Hoenig of the FDIC, Sanford Weill, former CEO of Citigroup,
economist Luigi Zingales, the New York Times, the St. Louis Post
Dispatch, the Los Angels Times, and many others: Therefore,
SECTION 1. That the House of Representatives urges Congress
to enact legislation that would reinstate the separation of commercial
and investment banking functions that were in effect under the Glass-
Steagall Act, prohibiting commercial banks and bank holding
companies from investing in stocks, underwriting securities or
investing in or acting as guarantors to derivative transactions, in order
to prevent American taxpayers from being called upon to fund
hundreds of billions of dollars to bail out financial institutions.
SECTION 2. That the Principal Clerk of the House of
Representatives transmit a copy of this resolution to the President of
the United States, the presiding officers of each house of Congress,
each member of Congress from Indiana, and Congresswoman Marcy
Kaptur.
DR 4817/DI ab
Graphic file number 0 named seal1001.pcx with height 58 p and width 72 p Left aligned
