New Alabama Resolution for Glass-Steagall, National Banking
April 5, 2019—Rep. Thomas Jackson has introduced House Joint Resolution 60 to the Alabama House of Representatives, in pursuit of “urging Congress to support efforts to reinstate the separation of commercial and investment banking functions and to return to national banking policies.” The Resolution was sent to the Alabama State Senate on April 4.
Alabama joins Arizona, Illinois, Minnesota, Missouri, North Carolina, Rhode Island, South Carolina, and Virginia in considering such a memorial resolution. The full text of HJR60 can be found here.
Like the other state resolutions, HJR60 calls for a new infrastructure bank to be funded through capitalizing existing national debt, thereby requiring minimal Federal funding. A draft bill for such a national bank, modelled on the concept pioneered by Alexander Hamilton, can be found here.
An interview with Rep. Jackson on the crying needs of Alabama for such national action can be found on this blog.