The bill is a memorial from the Washington State Legislature urging Congress to enact legislation that reinstates the protections of the Glass-Steagall Act, which was originally established in 1933 to separate commercial banking from investment banking. The memorial highlights the negative consequences of the act's repeal in 1999, including the 2008 financial crisis, which led to widespread foreclosures and job losses. It references recent legislative efforts, such as H.R. 2714, the Return to Prudent Banking Act of 2023, and S.881, the 21st Century Glass-Steagall Act, both aimed at restoring the separation of banking functions to protect taxpayers from future bailouts of large financial institutions.

The memorial calls for Congress to pass either H.R. 2714 or S.881, or any similar legislation that would prohibit commercial banks and bank holding companies from engaging in risky investment activities, such as investing in stocks or underwriting securities. This is intended to prevent the misuse of depositors' funds and to safeguard the public interest in the banking system. The memorial emphasizes the bipartisan support for these measures from various political and labor organizations, as well as prominent economic leaders, underscoring the widespread recognition of the need for reform in the banking sector.