Senate Bill Report — SJM 8005, As of January 14, 2025
Summary
This Senate Bill Report on SJM 8005, as of January 14, 2025, covers a bill 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. It names Senator Hasegawa as sponsor and lists committee activity before Business, Financial Services & Trade on 1/16/25. The background states that the Glass-Steagall Act was passed by the U.S. Congress in 1933 as the Banking Act, and that the Gramm-Leach-Bliley Act of 1999 repealed most of it. The report lists Appropriation: None, Fiscal Note: Not requested, and an effective date ninety days after adjournment of the session in which the bill is passed.
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- Issuer
- Congressional materials
- Document type
- Report
- Date
- 2025-01-16
- Case
- 2025 01 16 A32363 D274659 Bill Report 8005 Sba Bft 25
Cite this document
“Senate Bill Report — SJM 8005, As of January 14, 2025.”
Original at app.leg.wa.gov, dated 2025-01-16. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2025-01-16-2025-01-16-a32363-d274659-bill-report-8005-sba-bft-25/
, SHA-256 0dba7a1d03d555514e4ad6d7e5441dc79ccba8a8789905d94a25114d98850c18.Full text
SENATE BILL REPORT
SJM 8005
As of January 14, 2025
Brief Description: 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.
Sponsors: Senator Hasegawa.
Brief History:
Committee Activity: Business, Financial Services & Trade: 1/16/25.
Brief Summary of Bill
• Requests the U.S. Congress to enact legislation to reinstate the separation
of commercial and investment banking functions that were in effect
under the Glass-Steagall Act.
SENATE COMMITTEE ON BUSINESS, FINANCIAL SERVICES & TRADE
Staff: Clint McCarthy (786-7319)
Background: The Glass-Steagall Act was passed by the U.S. Congress in 1933 as the
Banking Act, which prohibited commercial banks from participating in the investment
banking business. Glass-Steagall was sponsored by Senator Carter Glass, a former Treasury
Secretary, and Representative Henry Steagall, a member of the House of Representatives
and chairman of the House Banking and Currency Committee. The act was passed as an
emergency measure to counter the failure of almost 5000 banks during the Great
Depression.
The Gramm-Leach-Bliley Act of 1999 (GLBA) was passed by Congress on November 12,
1999. The GLBA repealed most of the Glass-Steagall Act of 1933.
Summary of Bill: The bill requests the U.S. Congress to reinstate the separation of
This analysis was prepared by non-partisan legislative staff for the use of legislative
members in their deliberations. This analysis is not part of the legislation nor does it
constitute a statement of legislative intent.
Senate Bill Report -1- SJM 8005
commercial and investment banking functions that were in effect under the Glass Steagall
Act.
Appropriation: None.
Fiscal Note: Not requested.
Creates Committee/Commission/Task Force that includes Legislative members: No.
Effective Date: Ninety days after adjournment of session in which bill is passed.
Senate Bill Report -2- SJM 8005
File and source
- File
- 2025-01-16_a32363_d274659_bill-report-8005-sba-bft-25.pdf
- Size
- 6,512 bytes
- SHA-256
- 0dba7a1d03d555514e4ad6d7e5441dc79ccba8a8789905d94a25114d98850c18
- Original
- app.leg.wa.gov