Full Text of HR0354 98th General Assembly
HR0354 98TH 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 economy; and
| 4 | | WHEREAS, Such a system must function in the public | 5 | | interest, without any bias; and
| 6 | | WHEREAS, Since 1933, the Federal Banking Act of 1933, also | 7 | | known as the Glass-Steagall Act, protected the public interest | 8 | | in matters dealing with the regulation of commercial and | 9 | | investment banking, in addition to insurance companies and | 10 | | securities; and
| 11 | | WHEREAS, The Glass-Steagall Act was repealed in 1999, | 12 | | partially contributing to the greatest speculative bubble and | 13 | | worldwide recession since the Great Depression; and
| 14 | | WHEREAS, The worldwide recession has left millions of homes | 15 | | in foreclosure; and | 16 | | WHEREAS, The worldwide recession has caused the loss of | 17 | | millions of jobs nationwide; and
| 18 | | WHEREAS, The recession has also put severe financial | 19 | | strains on states, counties, and cities, exacerbating |
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| 1 | | unemployment and loss of civil services; and
| 2 | | WHEREAS, The United States Senate and the United States | 3 | | House of Representatives have been making efforts to restore | 4 | | the protections of the Glass-Steagall Act; and
| 5 | | WHEREAS, United States Representative Marcy Kaptur has | 6 | | introduced H. Res. 129 (sic H.R. 129), known as the Return to | 7 | | Prudent Banking Act of 2013, reviving the separation between | 8 | | commercial banking and the securities business in the manner | 9 | | provided in the Glass-Steagall Act; and
| 10 | | WHEREAS, The Glass-Steagall Act has widespread national | 11 | | support from prominent economic and business leaders and | 12 | | national publications, including Thomas Hoenig of the FDIC, | 13 | | Sanford Weill, former CEO of Citigroup, economist Luigi | 14 | | Zingales, the New York Times, the St. Louis Post-Dispatch, the | 15 | | Los Angeles Times, and many others; and
| 16 | | WHEREAS, As of now, 16 states have filed resolutions | 17 | | demanding immediate action on HR 129 to return to | 18 | | Glass-Steagall; two of those states, Maine and South Dakota, | 19 | | have passed those resolutions through both houses of their | 20 | | legislatures; in the remaining states, legislative action is | 21 | | still pending; and |
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| 1 | | WHEREAS, Overwhelming pressure must be brought to bear on | 2 | | members of the U.S. House of Representatives to add their names | 3 | | as co-sponsors to HR 129, the bill to restore Glass-Steagall, | 4 | | as well as on members of the U.S. Senate, where, as of now, no | 5 | | companion bill has yet been introduced; therefore, be it | 6 | | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | 7 | | NINETY-EIGHTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | 8 | | we urge Congress and the President to enact legislation that | 9 | | would reinstate the separation of commercial and investment | 10 | | banking functions in effect under the Glass-Steagall Act, | 11 | | prohibiting commercial banks and bank holding companies from | 12 | | investing in stocks, underwriting securities, or investing in | 13 | | or acting as guarantors to derivative transactions, in order to | 14 | | prevent American taxpayers from being called upon to fund | 15 | | hundred of billions of dollars to bail out financial | 16 | | institutions; and be it further
| 17 | | RESOLVED, That suitable copies of this resolution be | 18 | | delivered to the President of the United States, the President | 19 | | Pro Tempore of the United States Senate, the Speaker of the | 20 | | United States House of Representatives, the members of the | 21 | | Illinois congressional delegation, and United States | 22 | | Representative Marcy Kaptur.
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