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.

This Washington State Joint Memorial (HJM 4006) requests Congress to enact legislation reinstating the Glass-Steagall Act's separation of commercial banking from investment banking. It specifically asks for laws like H.R. 2714 (the Return to Prudent Banking Act of 2023) that would prohibit commercial banks from investing in stocks, underwriting securities, or handling derivative transactions using customer deposits. The request aims to prevent taxpayer-funded bailouts of financial institutions by restricting banks from using depositors' funds for high-risk investment activities. The memorial cites bipartisan support for this policy shift but notes it is a non-binding request to federal lawmakers, not a state law.