About the bill
The 21st Century Glass-Steagall Act (S. 1709, H.R. 3054) would prohibit commercial banks insured by the Federal Deposit Insurance Corporation (FDIC) from acting as or affiliating with investment banks.
A commercial bank holds checking and savings accounts and provides loans for customers. These banks are often insured by the FDIC, which provides a safety guarantee for customers of the insured bank called “deposit insurance.” Investment banks, on the other hand, offer financial advice and facilitate the trade of financial assets. Currently banks can perform both commercial and investment activities, and this combination is believed by some to have been a cause of the 2008-2009 financial crisis.
In a press release, sponsor Sen. Elizabeth Warren (D-MA) explained that the bill would separate commercial banks from financial institutions that offer investment …
Sponsor and status
114th Congress (2015–2017)
This bill was introduced on July 7, 2015, in a previous session of Congress, but it did not receive a vote.
Although this bill was not enacted, its provisions could have become law by being included in another bill. It is common for legislative text to be introduced concurrently in multiple bills (called companion bills), re-introduced in subsequent sessions of Congress in new bills, or added to larger bills (sometimes called omnibus bills).
9 Cosponsors (6 Democrats, 2 Independents, 1 Republican)
Position statements
History
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Jul 11, 2013
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Earlier Version —
Introduced
This activity took place on a related bill, S. 1282 (113th). |
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Jul 7, 2015
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Introduced
Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber. |
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Apr 6, 2017
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Reintroduced Bill —
Introduced
This activity took place on a related bill, S. 881 (115th). |
S. 1709 (114th) was a bill in the United States Congress.
A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.
Bills numbers restart every two years. That means there are other bills with the number S. 1709. This is the one from the 114th Congress.
This bill was introduced in the 114th Congress, which met from Jan 6, 2015 to Jan 3, 2017. Legislation not passed by the end of a Congress is cleared from the books.
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“S. 1709 — 114th Congress: 21st Century Glass-Steagall Act of 2015.” www.GovTrack.us. 2015. March 25, 2023 <https://www.govtrack.us/congress/bills/114/s1709>
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GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from Congress.gov, the official portal of the United States Congress. Congress.gov is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.
