Urges President and Congress to reinstate separation between commercial and investment banking.

The resolution urges the President and Congress to enact legislation reinstating the separation between commercial and investment banking functions that existed under the "Glass-Steagall Act." The "Glass-Steagall Act" was enacted in 1933 to curb speculative activities by creating a firewall between commercial and investment banking. Following the repeal of the "Glass-Steagall Act" in 1999, commercial banks merged with investment firms and other financial firms, leading to irresponsible financial practices and speculative activities that contributed to the collapse of the housing market and.

Urges President and Congress to reinstate separation between commercial and investment banking.

The resolution urges the President and Congress to enact legislation reinstating the separation between commercial and investment banking functions that existed under the "Glass-Steagall Act." The "Glass-Steagall Act" was enacted in 1933 to curb speculative activities by creating a firewall between commercial and investment banking. Following the repeal of the "Glass-Steagall Act" in 1999, commercial banks merged with investment firms and other financial firms, leading to irresponsible financial practices and speculative activities that contributed to the collapse of the housing market and.