{"bills":[{"photos":{"featured":"https://assets.causes.com/bill/photo/s881-115/featured_21st-century-glass-steagall-act-of-2017-1497646735.jpg","featured_large":"https://assets.causes.com/bill/photo/s881-115/featured_large_21st-century-glass-steagall-act-of-2017-1497646735.jpg","shareable":"https://n.causes.com/share-images/bills/s881-115.png"},"introduced_on":"2017-04-06","title_override":"Reinstating Glass-Steagall: Should Commercial and Investment Banks be Separated?","summary_override":"

This bill would seek to reduce risk in the financial system and the likelihood of future financial crises by implementing a number of regulatory reforms — most notably preventing banks that consumers use for their checking and savings accounts from offering riskier financial services. It would reinstitute repealed provisions of the Glass-Steagall Act that required the separation of commercial and investment banking, large financial institutions that currently offer both services would have to break up into smaller, distinct units.

Traditional banks that offer consumers checking and savings accounts and are insured by the Federal Deposit Insurance Corporation would be prohibited from offering more complex and risky financial services such as:

Investment banking — like buying and selling securities or other financial products;
Insurance;
Proprietary trading;
Hedge fund and private equity activities.

Banks and bank holding companies would be prohibited from owning or otherwise controlling a nonbanking entity that offers the types of financial services listed above, closing an existing exemption which allows those activities.

","official_title":"A bill to reduce risks to the financial system by limiting banks' ability to engage in certain risky activities and limiting conflicts of interest, to reinstate certain Glass-Steagall Act protections that were repealed by the Gramm-Leach-Bliley Act, and for other purposes.","short_title":"21st Century Glass-Steagall Act of 2017","popular_title":null,"short_summary":"21st Century Glass-Steagall Act of 2017\n\nThis bill amends the Federal Deposit Insurance Act, the Bank Holding Company Act of 1956, the Home Owner's Loan Act, the International Banking Act of 1978, the federal bankruptcy code, and other laws to:\n\n limit affiliations between an insured depository institution and any insurance company, securities entity, or swaps entity; restrict the authority of a national banking association to purchase or sell investment securities or stock, invest in certain structured or synthetic products, control or hold an interest in financial subsidiaries, or otherwise engage in nonbanking activities; restrict the authority of a federal savings association to invest in, redeem, or hold shares or certificates issued by an open-end management investment company; limit the authority of a financial holding company to engage in nonfinancial activities; disallow certain foreign banks from engaging in nonbanking activities in the United States; repeal bankruptcy code p...","summarized":true,"cost":null,"cost_commentary":"A CBO cost estimate is unavailable.","impact":"Consumers of financial products; banks, investment banks, hedge funds, and private equity firms; and federal financial regulators.","argument_for":"For a half-century after the Great Depression commercial and investment banks were separated, and the U.S. financial sector avoided a significant crisis. 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Here you can find bills encompassing US monetary policy, the US Federal Budget, overall government spending, appropriations and how we handle the US federal debt and state finances. ","page_title":"Legislation related to the US Economy, monetary policy, the federal budget and government spending - Vote on Bills, Stay informed, Hold Your Reps Accountable","icons":{"black":"https://assets.causes.com/issue/icon/economy/black_economy-1429042041.svg","grey":"https://assets.causes.com/issue/icon/economy/grey_economy-1429042041.svg","white":"https://assets.causes.com/issue/icon/economy/white_economy-1429042041.svg"},"cover_image_url":null,"is_following":false},{"id":"financial-markets","name":"Financial Markets","slug":"financial-markets","description":"Regulations for the US financial Markets - including Banking, Securities, Insurance, Currency and the Credit Markets. Legislation can also cover foreign loans, corporations and debt.","page_title":"Federal legislation related to regulating US financial markets and the US Currency - Vote on Bills, Stay informed, Hold Your Reps Accountable","icons":{"black":"https://assets.causes.com/issue/icon/financial-markets/black_financial-markets-1429042042.svg","grey":"https://assets.causes.com/issue/icon/financial-markets/grey_financial-markets-1429042042.svg","white":"https://assets.causes.com/issue/icon/financial-markets/white_financial-markets-1429042042.svg"},"cover_image_url":null,"is_following":false}],"users":[{"name":"John","vote_count":42,"photos":{"large":"https://assets.causes.com/user/avatar/4mKKd52m/large_4mkkd52m-1485471010.jpg","small":"https://assets.causes.com/user/avatar/4mKKd52m/small_4mkkd52m-1485471010.jpg","tiny":"https://assets.causes.com/user/avatar/4mKKd52m/tiny_4mkkd52m-1485471010.jpg"},"links":{"following":"/api/users/4mKKd52m/following","followers":"/api/users/4mKKd52m/followers"},"about_me":"","twitter_id":null,"facebook_id":null,"youtube_id":null,"google_plus_id":null,"website":null,"slug":null,"issue_count":36,"is_following":null,"influence_score":120,"influence_level":20,"follower_count":4,"following_count":2,"position_count":26,"id":"4mKKd52m","partner_id":null}],"bill_position":{"flagged":false,"id":"74187106-58a5-45e8-8fbf-d79e8b08ddf8","argument_for":"Please support this legislation Senators Donnelly and Young. Rep. Brooks, please support this bill when it gets to the House! Thank you!","argument_against":null,"show_argument_for":true,"show_argument_against":false,"upvote_count":0,"upvotes_for_count":0,"upvotes_against_count":null,"has_upvoted":false,"endorsement_count":0,"links":{"self":"https://www.causes.com/positions/74187106-58a5-45e8-8fbf-d79e8b08ddf8"},"body":"Please support this legislation Senators Donnelly and Young. Rep. Brooks, please support this bill when it gets to the House! Thank you!","stance":"yea","created_at":"2017-06-20T15:45:54.198Z","shareable_image_url":"https://n.causes.com/share-images/positions/74187106-58a5-45e8-8fbf-d79e8b08ddf8.png","note_color":null,"note_text":null,"bill_id":"s881-115","user_id":"4mKKd52m","endorser_ids":[]}}

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Reinstating Glass-Steagall: Should Commercial and Investment Banks be Separated?