AZ SCM1001

Urges U.S. 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 restore separation between commercial and investment banking.

Argues that repeal of the Glass-Steagall Act in 1999 contributed to the financial crisis, resulting in millions of job losses, home foreclosures, and billions in taxpayer bailouts to financial institutions.

Calls for legislation prohibiting commercial banks and bank holding companies from investing in stocks, underwriting securities, or engaging in derivative transactions to prevent future financial crises and protect taxpayers.

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 in support.

Directs Arizona's Secretary of State to transmit copies of this memorial to Congress members, the President, and specific legislators who sponsored the referenced federal legislation.