Bill > SJM8005

This Joint Memorial urges Congress to pass legislation, such as H.R. 2714 or S.881, that would bring back the separation between commercial banking and investment banking, a rule that existed under the Glass-Steagall Act. This act, originally passed in 1933, separated these two types of banking to protect the public interest and prevent banks from engaging in risky investments with depositors' money, which proponents argue contributed to the 2008 financial crisis. Commercial banks, which take deposits and make loans, would be prohibited from activities like investing in stocks, underwriting securities, or guaranteeing derivative transactions, which are typically associated with investment banks. The memorial highlights that this separation is supported by a broad range of political parties and organizations and aims to prevent future taxpayer bailouts of large financial institutions deemed "too big to fail."