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Senate memorial asks Congress to reinstate Glass-Steagall banking separation
Summary
Senate Joint Memorial 8005 requests Congress to reinstate the Glass-Steagall Act's separation of commercial and investment banking. Sponsor emphasized historical reasons tied to the Great Depression and taxpayer bailouts during the 2008 financial crisis; staff summarized the memorial's text.
Senate Joint Memorial 8005, introduced to request that the U.S. Congress reinstate the separation of commercial and investment banking reflected in the Glass-Steagall Act of 1933, was presented to the Consumer Protection & Business Committee in a staff briefing and sponsor remarks on March 19.
Megan Mulvihill, staff to the committee, described the memorial in a short briefing: the memorial "requests that the U.S. Congress reinstate the separation of commercial and investment banking functions that were in effect…
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