The resolution urges the United States Congress to reinstate the Glass-Steagall Act, which was originally enacted in 1933 to prevent speculative activities that contributed to the banking system's collapse during the Great Depression.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, which resulted in significant job losses and costly taxpayer bailouts for major financial institutions.

The resolution highlights that while the Dodd-Frank Wall Street Reform and Consumer Protection Act was introduced to address the causes of the recession, it fails to adequately separate commercial and investment banking. Therefore, the reinstatement of the Glass-Steagall Act is deemed essential to fortify the financial system and prevent the recurrence of the irresponsible practices that led to the economic downturn. The resolution calls for copies to be sent to key congressional leaders to advocate for this legislative change.