Requesting The United States Congress To Take Action Regarding The Separation Of Commercial And Investment Banking Functions Through The Reinstatement Of The Glass-steagall Act Of 1933 Or Similar Legislation.
Impact
HR173 addresses the critical issues that arose from the repeal of key provisions of the Glass-Steagall Act in 1999, which many believe contributed to the financial instability leading to the Great Recession. By stressing the need for the reinstatement of these regulations, the resolution aims to prevent further financial crises by limiting the risky activities of banks, promoting a more stable economic environment. This could significantly influence state and local financial oversight and regulations if adopted at the federal level.
Summary
House Resolution 173 (HR173) seeks to urge the United States Congress to pass legislation that would reinstate the separation of commercial and investment banking functions as mandated by the Glass-Steagall Act of 1933. This act was historically significant in regulating banking operations to ensure that commercial banks did not engage in the high-risk activities associated with investment banking. The resolution highlights the importance of a stable money and banking system for the economy and stresses the need for financial institutions to prioritize the public interest.
Contention
There is likely to be significant debate surrounding the implementation of HR173, as it calls for a substantial shift in how banking regulations are currently structured. While proponents argue that reinstating the Glass-Steagall Act would mitigate systemic risk and prevent conflicts of interest within financial institutions, opponents may view such measures as overly restrictive or unnecessary in the context of modern banking practices. The bill's advocacy for stricter separation could ignite discussions on the balance between regulation and free enterprise within the banking sector.
Same As
Requesting The United States Congress To Take Action Regarding The Separation Of Commercial And Investment Banking Functions Through The Reinstatement Of The Glass-steagall Act Of 1933 Or Similar Legislation.
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Requesting The State's Congressional Delegation To Advocate For The Enforcement Of Existing International Laws To Reduce Ghost Nets Entering The State From International Waters And Take Other Actions To Reduce Marine Debris From Fishing Gear.
Requesting The United States Congress To Take Action Regarding The Separation Of Commercial And Investment Banking Functions Through The Reinstatement Of The Glass-steagall Act Of 1933 Or Similar Legislation.