Tuesday, November 5th in Lansing, State Rep. Brian Banks (D-1st House District, Detroit) introduced HR 260, officially described as, "A resolution to urge the Congress and the President of the United States to enact legislation that would reinstate the separation of commercial and investment banking functions in effect under the Glass-Steagall Act."
The bill, which has been referred to the Committee on Financial Services, is a companion to one introduced into the state Senate, as S. 98, on Oct. 23, with an initiating roster of eight lawmakers.
HR 260 has 11 sponsors, in addition to Rep. Banks. Among them is Phil Cavanaugh, former Wayne County Commissioner.
Michigan is the 25th state to have Glass-Steagall introduced.
