The resolution urges the United States Congress to reinstate the Glass-Steagall Act, which was originally enacted in 1933 to prevent speculative activities that contributed to the banking system's collapse during the Great Depression. The Act established a separation between commercial and investment banking, effectively curbing risky financial practices. However, after its repeal in 1999, commercial banks merged with investment firms and other financial entities, leading to the formation of large conglomerates that engaged in irresponsible financial behaviors. This ultimately contributed to the housing market collapse and triggered the severe recession of 2008.

In response to the financial crisis, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, aimed at addressing the causes of the recession. Nonetheless, the Dodd-Frank Act has been criticized for not sufficiently separating commercial and investment banking. The resolution emphasizes that reinstating the Glass-Steagall Act is essential for strengthening the financial system and preventing the recurrence of the irresponsible practices that led to the economic downturn. The resolution will be communicated to key congressional leaders and representatives from New Jersey.