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2    WHEREAS, An effective money and banking system is essential
3to the functioning of the United States economy; such a system
4must function in the public interest without any bias; and
5    WHEREAS, Since 1933, the Federal Banking Act, also referred
6to as the Glass-Steagall Act, has protected the public interest
7through the regulation of commercial and investment banking,
8insurance companies, and securities; important provisions of
9the Glass-Steagall Act were repealed in 1999, partially
10contributing to the greatest speculative bubble and worldwide
11recession since the Great Depression; and
12    WHEREAS, The worldwide recession greatly affected our
13country's economy and citizens' lives; it left millions of
14homes in foreclosure and caused the loss of millions of jobs
15nationwide; the recession also put severe financial strains on
16states, counties, cities, and other municipalities,
17exacerbating unemployment and the loss of public services; and
18    WHEREAS, The U.S. House of Representatives and U.S. Senate
19have been making efforts to restore the protections of the
20Glass-Steagall Act; U.S. Representative Marcy Kaptur has
21introduced H.R. 381, known as the Return to Prudent Banking Act
22of 2015, which would revive the separation between commercial



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1banking and the securities business in the manner provided by
2the Glass-Steagall Act; U.S. Senator Elizabeth Warren, along
3with Senators John McCain, Maria Cantwell, Angus King, and
4others have introduced the 21st Century Glass-Steagall Act (S.
51709), which would reduce risk for American taxpayers in the
6financial system and decrease the likelihood of future
7financial crises; and
8    WHEREAS, The Glass-Steagall Act has widespread national
9support from prominent economic and business leaders and
10national publications, including Thomas Hoenig of the Federal
11Deposit Insurance Corporation, former CEO of Citigroup Sanford
12Weill, economist Luigi Zingales, the New York Times, the St.
13Louis Post-Dispatch, the Los Angeles Times, and many others;
15    WHEREAS, Resolutions demanding action to return to
16Glass-Steagall protections have been introduced in at least 25
17states since 2013; Maine and South Dakota both passed
18resolutions on the matter in 2013; additionally, both the
19Alabama and Indiana Houses of Representatives adopted
20resolutions urging action to reinstate Glass-Steagall; and
21    WHEREAS, Overwhelming pressure must be brought to bear on
22members of the U.S. House of Representatives and U.S. Senate to
23take action to pass this important legislation; therefore, be



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4urge the United States Congress and the President of the United
5States to enact legislation that, in order to prevent American
6taxpayers from being called upon to fund hundreds of billions
7of dollars to bail out financial institutions, would reinstate
8the separation of commercial and investment banking functions
9that was in effect under the Glass-Steagall Act, prohibiting
10commercial banks and bank holding companies from investing in
11stocks, from underwriting securities, and from investing in or
12acting as guarantors to derivative transactions; and be it
14    RESOLVED, That suitable copies of this resolution be
15delivered to President Barack Obama, U.S. Speaker of the House
16Paul Ryan, U.S. Senate Majority Leader Mitch McConnell, and all
17members of the Illinois Congressional Delegation.