Let’s talk about The Convention of states.

Article V states: “on the Application of two thirds of the Legislatures of the several States, [Congress] shall call a Convention for proposing amendments.”
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So essentially Article V of the US Constitution enshrines state legislatures with the ability to propose amendments to the US Constitution. While Congress is under no obligation to approve those bills the proposed amendments would then be sent to the states for ratification.
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What does this mean?

A Convention of States Resolution would aim to impose fiscal restraints on the federal government, limit its power and jurisdiction, and impose term limits on its officials and members of Congress
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Which states have signed it?

Georgia, Alaska, Florida, Alabama, Tennessee, Indiana, Oklahoma, Louisiana, Arizona, North Dakota, Texas, Missouri, Arkansas, Utah, and Mississippi.
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Which states are considering it?

Hawaii, Illinois, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Montana, Nebraska, New Hampshire, New Jersey, North Carolina, South Carolina, South Dakota, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming.
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There has never been a Constitutional Convention called for by the states though 23 states have circumvented the process and passed resolution goals like term limits on their own.
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James Madison wrote about the importance of having a "Method of Guarding Against the Encroachments of Any One Department of Government by Appealing to the People Through a Convention" in Federalist 49.
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“We found in the last paper, that mere declarations in the written constitution are not sufficient to restrain the several departments within their legal rights.”

J. Madison
PLUBIUS
Article 49

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“The nature of their public trust implies a personal influence among the people, and that they are more immediately the confidential guardians of the rights and liberties of the people.”

Article V is a check to federal power.

Read Fed. 49 here:

https://avalon.law.yale.edu/18th_century/fed49.asp

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Cc: @philthatremains