Bill Text: MN HF3299 | 2013-2014 | 88th Legislature | Introduced
Bill Title: Banking; a resolution memorializing Congress to enact legislation to reinstate the separation of commercial and investment banking functions in effect under the Glass-Steagall Act (Banking Act of 1933).
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2014-03-26 - Introduction and first reading, referred to Commerce and Consumer Protection Finance and Policy [HF3299 Detail]
Download: Minnesota-2013-HF3299-Introduced.html
1.1A resolution
1.2memorializing Congress to enact legislation that would reinstate the separation of
1.3commercial and investment banking functions in effect under the Glass-Steagall Act
1.4(Banking Act of 1933).
1.5WHEREAS, an effective monetary and banking system is essential to the proper
1.6functioning of the economy; and
1.7WHEREAS, an effective monetary and banking system must function in the public interest
1.8without bias; and
1.9WHEREAS, the federal Banking Act of 1933, commonly referred to as the Glass-Steagall
1.10Act, protected the public interest in matters dealing with the regulation of commercial and
1.11investment banking, in addition to insurance companies and securities firms; and
1.12WHEREAS, the Glass-Steagall Act was repealed in 1999; and
1.13WHEREAS, many financial industry entities were bailed out by the United States Treasury
1.14at a cost of billions of dollars to American taxpayers; and
1.15WHEREAS, within the hundreds of pages of the Dodd-Frank Wall Street Reform and
1.16Consumer Protection Act, there are no prohibitions that prevent "too big to fail" financial services
1.17organizations from investing in or undertaking substantial risks involving trillions of dollars
1.18of derivative contracts; and
1.19WHEREAS, the American taxpayers continue to be at risk for the next round of bank failures,
1.20as enormous risks are undertaken by financial services conglomerates; NOW, THEREFORE,
2.1BE IT RESOLVED by the Legislature of the State of Minnesota that it urges the President
2.2and the Congress of the United States to enact legislation that would reinstate the separation of
2.3commercial and investment banking functions in effect under the Glass-Steagall Act (Banking
2.4Act of 1933). That Act prohibited commercial banks and bank holding companies from investing
2.5in stocks, underwriting securities, or investing in or acting as guarantors to derivative transactions,
2.6in order to prevent American taxpayers from being called upon to fund hundreds of billions of
2.7dollars to bail out financial institutions.
2.8BE IT FURTHER RESOLVED that the Secretary of State of the State of Minnesota is
2.9directed to prepare copies of this memorial and transmit them to the President of the United
2.10States, the President and the Secretary of the United States Senate, the Speaker and the Clerk
2.11of the United States House of Representatives, the chair of the Senate Committee on Banking,
2.12Housing, and Urban Affairs, the chair of the House Committee on Financial Services, and
2.13Minnesota's Senators and Representatives in Congress.
1.2memorializing Congress to enact legislation that would reinstate the separation of
1.3commercial and investment banking functions in effect under the Glass-Steagall Act
1.4(Banking Act of 1933).
1.5WHEREAS, an effective monetary and banking system is essential to the proper
1.6functioning of the economy; and
1.7WHEREAS, an effective monetary and banking system must function in the public interest
1.8without bias; and
1.9WHEREAS, the federal Banking Act of 1933, commonly referred to as the Glass-Steagall
1.10Act, protected the public interest in matters dealing with the regulation of commercial and
1.11investment banking, in addition to insurance companies and securities firms; and
1.12WHEREAS, the Glass-Steagall Act was repealed in 1999; and
1.13WHEREAS, many financial industry entities were bailed out by the United States Treasury
1.14at a cost of billions of dollars to American taxpayers; and
1.15WHEREAS, within the hundreds of pages of the Dodd-Frank Wall Street Reform and
1.16Consumer Protection Act, there are no prohibitions that prevent "too big to fail" financial services
1.17organizations from investing in or undertaking substantial risks involving trillions of dollars
1.18of derivative contracts; and
1.19WHEREAS, the American taxpayers continue to be at risk for the next round of bank failures,
1.20as enormous risks are undertaken by financial services conglomerates; NOW, THEREFORE,
2.1BE IT RESOLVED by the Legislature of the State of Minnesota that it urges the President
2.2and the Congress of the United States to enact legislation that would reinstate the separation of
2.3commercial and investment banking functions in effect under the Glass-Steagall Act (Banking
2.4Act of 1933). That Act prohibited commercial banks and bank holding companies from investing
2.5in stocks, underwriting securities, or investing in or acting as guarantors to derivative transactions,
2.6in order to prevent American taxpayers from being called upon to fund hundreds of billions of
2.7dollars to bail out financial institutions.
2.8BE IT FURTHER RESOLVED that the Secretary of State of the State of Minnesota is
2.9directed to prepare copies of this memorial and transmit them to the President of the United
2.10States, the President and the Secretary of the United States Senate, the Speaker and the Clerk
2.11of the United States House of Representatives, the chair of the Senate Committee on Banking,
2.12Housing, and Urban Affairs, the chair of the House Committee on Financial Services, and
2.13Minnesota's Senators and Representatives in Congress.
