WA SJM8005

Washington State Legislature requests Congress 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

Would prohibit commercial banks and bank holding companies from investing in stocks, underwriting securities, or investing in/guaranteeing derivative transactions

Cites the 1999 repeal of the original Glass-Steagall Act as partially contributing to the speculative bubble and worldwide recession that caused millions of foreclosures and job losses

Notes bipartisan support from both Democratic and Republican party platforms, labor organizations (AFL-CIO, American Federation of Teachers), and economic leaders including FDIC's Thomas Hoenig

Memorial to be transmitted to President Trump, Congresswoman Marcy Kaptur, Senate President, House Speaker, and Washington's congressional delegation