Full Text of HR1093 99th General Assembly
HR1093 99TH GENERAL ASSEMBLY |
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| 1 | | HOUSE RESOLUTION
| 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
| 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banking, | 8 | | insurance companies, and securities; important provisions of | 9 | | the Glass-Steagall Act were repealed in 1999, partially | 10 | | contributing to the greatest speculative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
| 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
| 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 | 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
| 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
| 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
| 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
| 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
| 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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