HR0576 96TH GENERAL ASSEMBLY

HR0576 LRB096 13673 MJR 28435 r

HOUSE RESOLUTION

WHEREAS, Large banks have received Troubled Asset Relief Program (TARP) funds to save them in these difficult times; and

WHEREAS, Smaller banks did not have access to TARP funds; and

WHEREAS, Many community banks invested in government-sponsored enterprises, which were highly rated by the government and thought to be secure by these community banks, but then created significant losses to the banks through the downturn in the economy through no fault of the banks themselves; and

WHEREAS, Community banks make loans to persons and businesses in the community, but they have been unable to do all they can because of a lack of capital; and

WHEREAS, Community banks will be important to the recovery and restabilization of community housing, especially housing affected by the current foreclosure crisis; and

WHEREAS, Community banks also invest in the community through their philanthropic works; and

WHEREAS, Community banks throughout the United States would be affected, recapitalized, and saved through appropriate legislation; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINETY-SIXTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we urge Congress to pass legislation supporting banks that did not receive TARP funds and were affected by the government-sponsored enterprise fallout to allow those banks to go back 5 years for deductions of losses rather than the current allowance of 2 years; and be it further

RESOLVED, That a suitable copy of the legislation be presented to each member of the Illinois congressional delegation.