A HOUSE RESOLUTION supporting efforts to reinstate the separation of commercial and investment banking functions in effect under the Glass-Steagall Act.
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Whereas, the Glass-Steagall Act was repealed in 1999, partially contributing to the greatest speculative bubble and worldwide recession since the Great Depression of 1933; and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 strain on states, counties, and cities, exacerbating unemployment and loss of civil services; and
Whereas, the United States Senate and the House of Representatives have been making efforts to restore the protections of the Glass-Steagall Act; and
Whereas, Congresswoman Marcy Kaptur has introduced H.R. 129, known as the Return to Prudent Banking Act of 2013 and cosponsored by North Carolina Representative Walter Jones, that would revive the separation between commercial banking and the securities business in the manner provided in the Glass-Steagall Act; and
Whereas, restoration of the protections of the Glass-Steagall Act has widespread national support from several labor organizations, prominent economic and business leaders, newspapers, and many others; Now, therefore,
Be it resolved by the House of Representatives:
SECTION 1.  That the House of Representatives urges the United States Congress to enact legislation that would reinstate the separation of commercial and investment banking functions that were in effect under the Glass-Steagall Act and that would prohibit 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.
SECTION 2.  That the Principal Clerk send a certified copy of this resolution to the President of the United States, the Speaker of the U.S. House, and each member of North Carolina's Congressional delegation.
SECTION 3.  This resolution is effective upon adoption.