Bill Text: IA SR1 | 2017-2018 | 87th General Assembly | Introduced

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Bill Title: A resolution urging the United States Congress and the President of the United States to enact legislation that would reinstate the separation of commercial and investment banking functions previously in effect under the federal Glass-Steagall Act.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2017-01-19 - Resolution filed, referred to Rules and Administration. S.J. 103. [SR1 Detail]

Download: Iowa-2017-SR1-Introduced.html

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Senate Resolution 1 - Introduced

PAG LIN




                    SENATE RESOLUTION NO.    
                            BY  PETERSEN
  1  1 A Resolution urging the United States Congress and the
  1  2    President of the United States to enact legislation
  1  3    that would reinstate the separation of commercial
  1  4    and investment banking functions previously in
  1  5    effect under the federal Glass=Steagall Act.
  1  6    WHEREAS, an effective money and banking system is
  1  7 essential to the functioning of the United States
  1  8 economy; and
  1  9    WHEREAS, such a system must function in the public
  1 10 interest without any bias; and
  1 11    WHEREAS, since 1933, the federal Banking Act, also
  1 12 referred to as the Glass=Steagall Act, protected the
  1 13 public interest in matters dealing with the regulation
  1 14 of commercial and investment banking, in addition to
  1 15 insurance companies and securities; and
  1 16    WHEREAS, the Glass=Steagall Act was repealed
  1 17 in 1999, partially contributing to the greatest
  1 18 speculative bubble and worldwide recession since the
  1 19 Great Depression of 1933; and
  1 20    WHEREAS, the worldwide recession has left millions
  1 21 of homes in foreclosure and caused the loss of millions
  1 22 of jobs in the United States; and
  1 23    WHEREAS, the worldwide recession has put severe
  1 24 financial strain on states, counties, and cities,
  1 25 exacerbating unemployment and the loss of public
  1 26 services; and
  1 27    WHEREAS, the United States Congress has been making
  1 28 efforts with bipartisan support to reinstate the
  2  1 protections of the Glass=Steagall Act; and
  2  2    WHEREAS, Congresswoman Marcy Kaptur introduced H.R.
  2  3 381, known as the Return to Prudent Banking Act of
  2  4 2015, and Senator Elizabeth Warren introduced S. 1709,
  2  5 known as the 21st Century Glass=Steagall Act of 2015,
  2  6 that would reinstate the separation between commercial
  2  7 banking and the securities business in the manner
  2  8 provided in the Glass=Steagall Act; and
  2  9    WHEREAS, resolutions demanding action to reinstate
  2 10 the protections of the Glass=Steagall Act have been
  2 11 introduced in many states since 2013; and
  2 12    WHEREAS, reinstatement of the protections of the
  2 13 Glass=Steagall Act has support from national labor
  2 14 organizations, economic and business leaders, and
  2 15 newspaper publications; NOW THEREFORE,
  2 16    BE IT RESOLVED BY THE SENATE, That the Iowa Senate
  2 17 urges the United States Congress and the President
  2 18 of the United States to enact legislation that would
  2 19 reinstate the separation of commercial and investment
  2 20 banking functions in effect under the Glass=Steagall
  2 21 Act and that would prohibit commercial banks and
  2 22 bank holding companies from investing in stocks,
  2 23 underwriting securities, or investing in or acting
  2 24 as guarantors to derivative transactions, in order
  2 25 to prevent American taxpayers from being called upon
  2 26 to fund hundreds of billions of dollars to bail out
  2 27 financial institutions; and
  2 28    BE IT FURTHER RESOLVED, That the Secretary of
  2 29 the Senate shall transmit certified copies of this
  2 30 Senate Resolution to the President of the United
  3  1 States, the President of the United States Senate, the
  3  2 Speaker of the United States House of Representatives,
  3  3 United States Senator Elizabeth Warren, United States
  3  4 Representative Marcy Kaptur, and to the members of the
  3  5 Iowa congressional delegation.
       LSB 1659XS (2) 87
       gh/rn/rj