HR0967 LRB096 21276 MJR 37191 r

1
HOUSE RESOLUTION

 
2     WHEREAS, Certain banks have received Troubled Asset Relief
3 Program (TARP) funds to save them in these difficult times; and
 
4     WHEREAS, Many other banks did not have access to TARP
5 funds; and
 
6     WHEREAS, Many banks invested in government-sponsored
7 enterprises, which were highly rated by the government and
8 thought to be secure by these community banks, but then created
9 significant losses to the banks through the downturn in the
10 economy through no fault of the banks themselves; and
 
11     WHEREAS, Banks make loans to persons and businesses in the
12 community, but they have been unable to do all they can because
13 of a lack of capital; and
 
14     WHEREAS, Banks will be important to the recovery and
15 restabilization of community housing, especially housing
16 affected by the current foreclosure crisis; and
 
17     WHEREAS, Banks also invest in the community through their
18 philanthropic works; and
 
19     WHEREAS, Banks throughout the United States would be

 

 

HR0967 - 2 - LRB096 21276 MJR 37191 r

1 affected, recapitalized, and saved through appropriate
2 legislation; therefore, be it
 
3     RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
4 NINETY-SIXTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we
5 urge Congress to pass legislation supporting banks that were
6 affected by the government-sponsored enterprise fallout and
7 the subsequent downturn in the economy to allow those banks for
8 the 2010 tax year to go back 5 years for deductions of losses
9 allowed for the 2008 and 2009 tax years; and be it further
 
10     RESOLVED, That a suitable copy of the legislation be
11 presented to each member of the Illinois congressional
12 delegation.