Bill Text: PA HR73 | 2013-2014 | Regular Session | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

---

Bill Title: 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.

Spectrum: Slight Partisan Bill (Democrat 32-12)

Status: (Introduced - Dead) 2013-02-07 - Corrective Reprint, Printer's No. 614 [HR73 Detail]

Download: Pennsylvania-2013-HR73-Amended.html

---

CORRECTIVE REPRINT

PRIOR PRINTER'S NO. 588

PRINTER'S NO. 614

 

THE GENERAL ASSEMBLY OF PENNSYLVANIA

 

HOUSE RESOLUTION

No.

73

Session of 2013

 

 

 

INTRODUCED BY COHEN, CALTAGIRONE, CUTLER, YOUNGBLOOD, ROEBUCK, KORTZ, FABRIZIO, SWANGER, HARKINS AND MCCARTER, FEBRUARY 6, 2013

 

 

REFERRED TO COMMITEE ON COMMERCE, FEBRUARY 6, 2013

 

 

 

A 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; and

WHEREAS, Such a system must function in the public interest,
without bias; and

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; and

WHEREAS, The Glass-Steagall Act was repealed in 1999,
partially contributing to the greatest speculative bubble and
worldwide recession since the Great Depression of 1933; and

WHEREAS, The worldwide recession has left millions of homes
in foreclosure; and

WHEREAS, The worldwide recession has cost the loss of

millions of jobs nationwide; and

WHEREAS, The worldwide recession has put severe financial
strains on states, counties and cities, exacerbating
unemployment and loss of civil services; and

WHEREAS, The United States Senate and House of
Representatives have been making efforts to restore the
protections of the Glass-Steagall Act; and

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 such organizations as the American Federation of
Labor and Congress of Industrial Organizations (AFL-CIO), the
American Federation of Teachers and the International
Association of Machinists, as well as 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 Angeles Times and many others; therefore be it

RESOLVED, That the House of Representatives of the
Commonwealth of Pennsylvania urge 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; and be it further

RESOLVED, That a copy of this resolution be sent to the
President of the United States, to the presiding officers of
each house of Congress, to each member of Congress from
Pennsylvania and to Congresswoman Marcy Kaptur.