The resolution urges the President and Congress of the United States to enact legislation that reinstates the separation between commercial and investment banking, a principle established by the Glass-Steagall Act of 1933. This act was designed to prevent the speculative activities that contributed to the banking system's collapse during the Great Depression by creating a firewall between commercial and investment banking. However, the repeal of the Glass-Steagall Act in 1999 allowed commercial banks to merge with investment firms and other financial entities, leading to irresponsible financial practices that played a significant role in the housing market collapse and the subsequent recession.

The resolution highlights that while the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 aimed to address the causes of the recession, it did not effectively restore the separation between commercial and investment banking. The proposed Return to Prudent Banking Act of 2023 seeks to revive this separation by imposing restrictions on affiliations between commercial banks and securities firms, similar to the original Glass-Steagall Act. The resolution emphasizes that reinstating this separation is crucial for strengthening the financial system and preventing the irresponsible practices that led to economic turmoil.