AZ SM1002

Urges Congress to reinstate the separation of commercial and investment banking functions that were in effect under the Glass-Steagall Act of 1933, which was repealed in 1999.

Argues that the repeal of Glass-Steagall contributed to the 2007-2008 financial crisis and recession, and that the current speculative bubble is tied to over $250 trillion in derivatives held by major Wall Street banks.

Calls for support of national banking policies to finance infrastructure projects, citing historical examples including the Reconstruction Finance Corporation (RFC) that helped Arizona recover from the Great Depression through copper mining, infrastructure, and irrigation projects.

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