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WA HJM4006
JM
Status
2/24/2025
Primary Sponsor
Rob Chase
Click for details
AI Summary
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Washington State Legislature petitions Congress to enact H.R. 2714 (Return to Prudent Banking Act of 2023) or S.881 (21st Century Glass-Steagall Act) to reinstate separation of commercial and investment banking
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Glass-Steagall Act of 1933 regulated commercial banking, investment banking, insurance companies, and securities until its repeal in 1999
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Repeal contributed to speculative bubble and worldwide recession, resulting in millions of home foreclosures, job losses, and hundreds of billions in taxpayer-funded bank bailouts
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Reinstated protections would prohibit commercial banks and bank holding companies from investing in stocks, underwriting securities, or investing in/guaranteeing derivative transactions
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Memorial to be transmitted to President Trump, Congresswoman Marcy Kaptur, and all members of Congress from Washington State
Legislative Description
Requesting that Congress enact legislation that would reinstate the separation of commercial and investment banking functions that were in effect under the Glass-Steagall act.
Last Action
By resolution, reintroduced and retained in present status.
1/12/2026