Illinois Legislature Introduces Glass-Steagall Resolution
June 2, 2013 • 6:58AM

H.R. 354 was introduced into the Illinois State Legislature by three Democrats. It urges "Congress and the President to enact legislation that would reinstate the separation of commercial and investment banking functions in effect under the Glass-Steagall Act, prohibiting 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 hundred of billions of dollars to bail out financial institutions".