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repealed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