Senate Concurrent Resolution 46
149th General Assembly (2017 - 2018)
The General Assembly has ended, the current status is the final status.
REQUESTING THE CONGRESS OF THE UNITED STATES TO REINSTATE THE SEPARATION OF COMMERCIAL AND INVESTMENT BANKING FUNCTIONS PREVIOUSLY IN EFFECT UNDER THE GLASS-STEAGALL ACT AND SUPPORT EFFORTS TO RETURN TO NATIONAL BANKING POLICIES TO REPAIR OUR NATION'S INFRASTRUCTURE.
This Senate Concurrent Resolution urges the Congress of the United States to enact legislation that would reinstate the separation of commercial and investment banking functions that were in effect under the Glass-Steagall Act (Banking Act of 1933). Federal legislation based on the Glass-Steagall precedent is needed in order to 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.
Takes effect upon being signed into law