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| 1 | HOUSE RESOLUTION
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| 2 | WHEREAS, Our nation's financial system is in urgent need of | ||||||
| 3 | reform due in large part to the excesses and risky practices of | ||||||
| 4 | the large, multi-state "too big to fail" banks; and
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| 5 | WHEREAS, Despite efforts by Congress and the current | ||||||
| 6 | administration to increase bank lending, including a | ||||||
| 7 | $700,000,000,000 bank bailout, the nation's 4 largest banks | ||||||
| 8 | have collectively cut their loans to businesses by more than | ||||||
| 9 | $100,000,000,000 over the last 6 months; and
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| 10 | WHEREAS, Bank of America and Citigroup each received | ||||||
| 11 | $45,000,000,000 of bailout money, and Wells Fargo and JP Morgan | ||||||
| 12 | Chase each received $25,000,000,000; and
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| 13 | WHEREAS, Illinois needs a strong and fair regulatory system | ||||||
| 14 | that has the resources and authority necessary to prevent the | ||||||
| 15 | collapse of the financial sector caused by Wall Street and the | ||||||
| 16 | large banks; and
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| 17 | WHEREAS, Illinois-based community banks typically make | ||||||
| 18 | more conservative investments and are inclined to make smarter | ||||||
| 19 | loans with a better chance of payback; and | ||||||
| 20 | WHEREAS, Illinois-based community banks earn greater | ||||||
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| 1 | risk-adjusted yields than large banks, suggesting that they are | ||||||
| 2 | the better choice for small businesses and individuals; and | ||||||
| 3 | WHEREAS, Illinois-based community banks are more closely | ||||||
| 4 | connected to the people and businesses near them; and | ||||||
| 5 | WHEREAS, Illinois-based community banks invest in | ||||||
| 6 | communities and businesses to create good jobs and strong | ||||||
| 7 | neighborhoods; and | ||||||
| 8 | WHEREAS, Illinois-based community banks work to ensure | ||||||
| 9 | that the banking system helps people stay in their homes; and | ||||||
| 10 | WHEREAS, Illinois-based community banks are stable and | ||||||
| 11 | reliable and take a people-oriented approach to banking; and | ||||||
| 12 | WHEREAS, The residents of Illinois value personal service, | ||||||
| 13 | good jobs, and strong communities; therefore, be it | ||||||
| 14 | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | ||||||
| 15 | NINETY-SIXTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we | ||||||
| 16 | urge the residents and local governments of Illinois to move | ||||||
| 17 | their money from large multi-state "too big to fail" banks to | ||||||
| 18 | small community banks in order to support responsible lending | ||||||
| 19 | practices and the State's economy.
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