Urges President and Congress to enact legislation reinstating the separation between commercial and investment banking.

This New Jersey Assembly Resolution (AR 162) urges the U.S. President and Congress to pass federal legislation that would reinstate the separation between commercial banks (which take deposits and make loans) and investment banks (which handle securities and trading), as established by the Glass-Steagall Act of 1933. It cites the 1999 repeal of Glass-Steagall as contributing to risky financial practices that led to the 2008 housing market collapse and recession, and notes that the subsequent 2010 Dodd-Frank Act did not adequately address this separation. The resolution references the federal "Return to Prudent Banking Act of 2023" (H.R.2714) as a model for restoring this firewall. As a symbolic resolution, it does not create new laws or directly affect any entities - it only formally requests federal action.