AZ SM1002

Urges Congress to reinstate the separation of commercial and investment banking functions under the Glass-Steagall Act, which was repealed in 1999.

Contends that the repeal of Glass-Steagall contributed to the 2008 financial crisis and current speculative bubbles, citing over $250 trillion in derivatives held by major Wall Street banks.

Calls for the return to national banking policies including direct credit to industry, infrastructure investment, and science-driven innovations to repair the nation's economy.

References Arizona's economic recovery from the Great Depression through Reconstruction Finance Corporation (RFC) projects in copper mining, infrastructure, and irrigation.

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.