AZ SM1001

Urges Congress to reinstate the separation of commercial and investment banking functions that were in effect under the Glass-Steagall Act of 1933.

Argues that the 1999 repeal of Glass-Steagall contributed to the 2007 financial crisis and subsequent recession by allowing financial industry members to exploit the system.

Cites concerns about current speculative bubbles tied to over $250 trillion in derivatives on Wall Street bank books and weak economic performance.

Calls for return to national banking policies including direct credit to industry, infrastructure investment, and science-driven innovations to grow the productive economy.

Directs the Arizona Secretary of State to transmit copies of the memorial to the President of the Senate, Speaker of the House, and all Arizona members of Congress.