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1
HOUSE RESOLUTION

 
2    WHEREAS, The State of Illinois has an interest in
3encouraging and promoting the development of agriculture,
4commerce, and industry, for the benefit of all Illinois
5residents; and
 
6    WHEREAS, Access to credit, guided by sound lending policies
7tailored to Illinois' unique natural resources and
8infrastructure, and its position within the national and world
9economies, is essential to the growth of all sectors of the
10Illinois economy; and
 
11    WHEREAS, In addition to the role of private lenders in
12restoring prosperity to Illinois, there is also a role for
13government to play in the revitalization of all sectors of the
14Illinois economy; therefore, be it
 
15    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
16NINETY-EIGHTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
17there is created the Return Illinois To Prosperity Commission;
18and be it further
 
19    RESOLVED, That the Return Illinois To Prosperity
20Commission (Commission) shall be composed of the following
21voting members:

 

 

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1        Two members of the General Assembly, one of whom shall
2    serve as chair of the Commission, and 2 members of the
3    public knowledgeable about the State's banking sector and
4    economy, appointed by the Speaker of the House of
5    Representatives;
6        Two members of the General Assembly and 2 members of
7    the public knowledgeable about the State's banking sector
8    and economy, appointed by the Minority Leader of the House
9    of Representatives;
10        The Governor, or his or her designee; the State
11    Treasurer, or his or her designee; the Director of the
12    Department of Commerce and Economic Opportunity, or his or
13    her designee; the Director of the Division of Financial
14    Institutions within the Department of Financial and
15    Professional Regulations, or his or her designee; and the
16    Director of the Department of Revenue, or his or her
17    designee; and be it further
 
18    RESOLVED, That the members of the Commission shall serve
19without compensation, but may be reimbursed for actual expenses
20from funds appropriated for that purpose; and be it further
 
21    RESOLVED, That the chair of the Commission, in his or her
22discretion, may appoint, as additional non-voting members of
23the Commission, representatives of units of local government,
24experts in public finance or the Illinois economy, and other

 

 

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1interested parties; and be it further
 
2    RESOLVED, That the Commission shall review and evaluate the
3creation of an Illinois State Bank that would:
4        (1) purchase, guarantee, or hold loans made by
5    community banks, credit unions or other financial
6    institutions doing business in Illinois;
7        (2) provide a secondary market for residential loans
8    and mortgages, and other loans, made by financial
9    institutions doing business in Illinois;
10        (3) make loans in the form of participation loans with
11    Illinois community banks to qualified individuals and
12    businesses residing in or doing business in Illinois when
13    the originator of the loan is a community bank, credit
14    union, or other financial institution;
15        (4) serve as a banker's bank for Illinois chartered
16    banks by providing correspondent banking services and
17    other related services in keeping with its mission;
18        (5) accept deposits related to such transactions from
19    banks and other financial institutions; and
20        (6) be authorized to issue bank stock loans to Illinois
21    chartered banks; and be it further
 
22    RESOLVED, That in making its review and evaluation, the
23Commission shall consider that the mission of an Illinois State
24Bank would include:

 

 

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1        (1) supporting the economic development of the State by
2    increasing access to capital for agriculture, businesses,
3    and industry within the State in partnership with local
4    financial institutions;
5        (2) providing stability to the local financial sector
6    without entering into competition with community banks,
7    credit unions, or other financial institutions;
8        (3) reducing the costs paid by the State for basic
9    banking services; and
10        (4) returning profits, beyond those necessary to
11    accomplish the mission and sound operations of the Bank, to
12    the General Revenue Fund of the State; and be it further
 
13    RESOLVED, That in making its review and evaluation, the
14Commission shall consider relevant factors to its mission,
15including, but not limited to:
16        (1) the operation and impact of the Bank of North
17    Dakota;
18        (2) whether other states have state banks or are
19    currently considering the creation of a state bank;
20        (3) the effectiveness and usefulness of existing state
21    banks, with specific attention to the economic impact of
22    having a state bank;
23        (4) determine the costs and revenues associated with
24    the Bank of North Dakota and any other existing state
25    banks;

 

 

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1        (5) estimate the short-term operating costs and
2    projected revenues of an Illinois State Bank; and
3        (6) examine the long-term impact on the economy, job
4    creation, and state revenue of having a state bank; and be
5    it further
 
6    RESOLVED, That the Commission shall make its report to the
7General Assembly and the Governor on or before December 31,
82013. The report of the Commission shall detail those findings
9and recommendations supported by a majority of the voting
10members.