AZ SM1001

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

States the Glass-Steagall Act's 1999 repeal contributed to financial speculation and the 2008 recession, and argues reinstatement would prevent future banking crises.

Identifies concerns about a current speculative bubble tied to over $250 trillion in derivatives held by major Wall Street banks and weak economic performance.

Recommends returning to national banking policies including direct credit to industry, infrastructure investment, and science-driven innovations to grow the economy.

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