HR1652 95TH GENERAL ASSEMBLY

HR1652 LRB095 23183 AJO 53833 r

HOUSE RESOLUTION

WHEREAS, The current recession is heavily impacting the small businesses in our nation because of several trends, including decreased sales and difficulties in obtaining small business financing; and

WHEREAS, The National Bureau of Economic Research determined that the current recession began in December 2007; this means that, as of December 2008, this is the longest downturn in a quarter century; and

WHEREAS, The National Federation of Independent Business (NFIB) has collected small business economic trends data with surveys since 1973; in November 2008, the NFIB reported that its Index of Small Business Optimism fell to its third-lowest reading in the 35 year history of the survey; and

WHEREAS, The NFIB November 2008 survey further revealed record or near-record low ratings in the small business sector's expectations concerning the creation of new jobs, improved business conditions, and increased sales; and

WHEREAS, The United States Congress authorized the Department of the Treasury to provide varied financial assistance programs to the banking, insurance, and housing sectors of the U.S. economy; and

WHEREAS, Small businesses are in dire need of financial assistance from the federal government to avoid a further deterioration of this important segment of the U.S. economy; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINETY-FIFTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we strongly urge the United States Congress to establish a small business rescue task force to prepare appropriate federal assistance programs to rescue and assist struggling small businesses; and be it further

RESOLVED, That suitable copies of this resolution be delivered to the Majority Leader and Minority Leader of the United States Senate, the Speaker and Minority Leader of the United States House of Representatives, and to each member of the Illinois congressional delegation.