MN HF3299

Urges the President and Congress to reinstate the separation of commercial and investment banking functions that existed under the Glass-Steagall Act (Banking Act of 1933), which was repealed in 1999

Calls for prohibiting commercial banks and bank holding companies from investing in stocks, underwriting securities, or investing in or guaranteeing derivative transactions

Asserts that financial industry bailouts cost American taxpayers billions of dollars and that current regulations do not adequately prevent "too big to fail" institutions from undertaking substantial risks with trillions of dollars in derivatives

Directs the Minnesota Secretary of State to transmit copies of this memorial to the President, Congress leadership, relevant Senate and House committee chairs, and Minnesota's congressional delegation