Urges Congress to reinstate "Glass-Steagall Act."

SR67

SENATE RESOLUTION No. 67

STATE OF NEW JERSEY

222nd LEGISLATURE

�

INTRODUCED FEBRUARY 5, 2026

Sponsored by:

Senator� SHIRLEY K. TURNER

District 15 (Hunterdon and Mercer)

SYNOPSIS

���� Urges Congress to reinstate �Glass-Steagall Act.�

CURRENT VERSION OF TEXT

���� As introduced.

��

A Senate
Resolution
respectfully urging the United
States Congress to enact legislation to reinstate the �Glass-Steagall Act� in
order to strengthen the financial system.

Whereas,

The United States Congress enacted section 20 of the �Banking Act of 1933,�
Pub.L. 73-66 (12 U.S.C. s.377 et seq.) (commonly referred to as the
�Glass-Steagall Act�) in order to eliminate the speculative activities which
caused the collapse of the banking system during the Great Depression; and

Whereas,
The �Glass-Steagall Act�
curbed speculative activities by erecting a firewall between commercial and
investment banking; and

Whereas,

Following the repeal of the �Glass-Steagall Act� in 1999, commercial banks were
permitted to merge with investment firms, insurance companies, mortgage
companies, and other financial services firms to form vast conglomerates; and

Whereas,

The newly formed financial conglomerates began engaging in irresponsible
financial practices and speculative activities which brought them to the brink
of failure and contributed to the collapse of the housing market; and

Whereas,

The collapse of the housing market helped trigger the worst recession since the
Great Depression, which cost millions of jobs and hundreds of billions of
taxpayer dollars to bailout financial conglomerates considered too big to fail;
and

Whereas,

The United States Congress enacted the �Dodd-Frank Wall Street Reform and
Consumer Protection Act,� Pub.L. 111-203 in response to the speculative
activities and irresponsible financial practices which drove the economy into
recession; and

Whereas,

Although the purpose of the �Dodd-Frank Wall Street Reform and Consumer
Protection Act� was to address the root causes of the recession, the law does
little to separate commercial and investment banking; and

Whereas,

The reinstatement of the �Glass-Steagall Act� is necessary to strengthen our
financial system and to end the irresponsible financial practices and
speculative activities that lead to the collapse of the housing market and the
subsequent recession in 2008; now, therefore,

����
Be It
Resolved
by the Senate of the State of New
Jersey:

���� 1.��� This House respectfully
urges the United States Congress to enact legislation to reinstate the
�Glass-Steagall Act� in order to strengthen the financial system.

���� 2.��� Copies of this
resolution, as filed with the Secretary of State, shall be transmitted by the
Secretary of the Senate to the Majority and Minority Leaders of the United
States Senate, the Speaker and Majority and Minority Leaders for the United
States House of Representatives, and each member of the United States Congress
elected from this State.

STATEMENT

���� This resolution respectfully
urges the Unties Stated Congress to reinstate the �Glass-Steagall Act� in order
to strengthen the financial system.� The �Glass-Steagall Act� was enacted to
eliminate the speculative activities that caused the collapse of the banking
system during the Great Depression.� The �Glass-Steagall Act� curbed
speculative activities by erecting 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 to form vast conglomerates.� The newly formed financial
conglomerates began engaging in irresponsible financial practices and
speculative activities that contributed to the collapse of the housing market
and in turn lead to the worst recession since the Great Depression.

���� The United States Congress
enacted the �Dodd-Frank Wall Street Reform and Consumer Protection Act� to
address the root causes of the recession.� However, the �Dodd-Frank Wall Street
Reform and Consumer Protection Act� does little to separate commercial and
investment banking.� The reinstatement of the �Glass-Steagall Act� is necessary
to strengthen our financial system and to end the irresponsible financial
practices and speculative activities that lead to the collapse of the housing
market and the subsequent recession in 2008.