summary
Introduced
02/05/2026
02/05/2026
In Committee
02/05/2026
02/05/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 Regular Session
Bill Summary
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.
AI Summary
This resolution respectfully urges the United States Congress to reinstate the "Glass-Steagall Act," a law originally enacted during the Great Depression to prevent speculative activities by separating commercial banking (taking deposits and making loans) from investment banking (underwriting and trading securities). The resolution argues that the repeal of Glass-Steagall in 1999 allowed commercial banks to merge with investment firms, creating large financial conglomerates that engaged in risky practices contributing to the 2008 housing market collapse and subsequent recession. While the Dodd-Frank Act was passed to address this crisis, the resolution contends it did not sufficiently separate these banking functions, and therefore, reinstating Glass-Steagall is deemed necessary to strengthen the financial system and prevent future irresponsible financial practices.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee (on 02/05/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2026/SR67 |
| BillText | https://pub.njleg.gov/Bills/2026/SR/67_I1.HTM |
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