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.

SJM 8005 is a legislative memorial from the State of Washington that requests the U.S. Congress to enact new federal legislation. This legislation would reinstate the separation of commercial and investment banking functions, similar to what was previously mandated by the Glass-Steagall Act. If enacted, it would prohibit commercial banks and bank holding companies from activities such as investing in stocks, underwriting securities, or acting as guarantors for derivative transactions. The stated purpose is to prevent American taxpayers from having to fund bailouts for financial institutions.