Michigan Legislators Call for Return of Glass-Steagall Separations

Late last year, members of the Michigan House and Senate drafted resolutions in each house (House Resolution No. 260, and Senate Resolution No. 98), demanding that the Federal Government reinstate the separation between commercial and investment banking found in the Glass-Steagall Act. In doing this...

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Bibliographic Details
Published inMichigan Banker Vol. 26; no. 2; p. 8
Main Author Cooper, Charles
Format Trade Publication Article
LanguageEnglish
Published Lansing Public Relation Enterprises, Inc 01.02.2014
Subjects
Banking
Banking industry
Congressional committees
Economic conditions
Financial institutions
Glass-Steagall Act 1933-US
Legislation
Political representation
Presidents
Public interest
Recessions
United States > US
Michigan
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Summary:Late last year, members of the Michigan House and Senate drafted resolutions in each house (House Resolution No. 260, and Senate Resolution No. 98), demanding that the Federal Government reinstate the separation between commercial and investment banking found in the Glass-Steagall Act. In doing this, Michigan is following in the footsteps of many other states that have come to see the connection between the nation's economic woes and the 1999 repeal of Glass-Steagall. In the Michigan House, the resolution was primarily sponsored by Rep Brian Banks (D-1). On the Senate side, the primary sponsor was Sen Bert Johnson (D-2). The legislation, if passed here and, later on, in Washington, would have a profound effect on both the banking industry and the overall economy in the US.
ISSN:1044-1948