AZ SCM1014

Urges the United States Congress to enact legislation similar to H.R. 381 (Return to Prudent Banking Act of 2015) and S. 1709 (21st Century Glass-Steagall Act of 2015) to separate commercial and investment banking functions.

Asserts that the repeal of Glass-Steagall provisions in 1999 contributed to the financial crisis, resulting in millions of job losses, home foreclosures, and billions in taxpayer-funded bank bailouts.

Calls for legislation that would prohibit commercial banks and bank holding companies from investing in stocks, underwriting securities, or engaging in derivative transactions to reduce taxpayer risk.

Notes that similar Glass-Steagall restoration legislation has been introduced in more than half of U.S. states, with at least four states having passed resolutions supporting such action.

Directs the Arizona Secretary of State to transmit copies of this memorial to the President, Congress members, and the sponsors of the referenced federal legislation.