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1
HOUSE JOINT 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, is essential to the growth of all sectors of
9the Illinois economy; and
 
10    WHEREAS, In addition to the role of private lenders in
11restoring prosperity to Illinois, there is also a role for
12government to play in the revitalization of all sectors of the
13Illinois economy; therefore, be it
 
14    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE
15HUNDRED FIRST GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, THE
16SENATE CONCURRING HEREIN, that there is created the Return
17Illinois To Prosperity Commission; and be it further
 
18    RESOLVED, That the Return Illinois To Prosperity
19Commission (Commission) shall be composed of the following
20voting members:
21        Two members of the House of Representatives, one of

 

 

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1    whom shall serve as co-chair of the Commission, and 2
2    members of the public knowledgeable about the State's
3    banking sector and economy, appointed by the Speaker of the
4    House of Representatives;
5        Two members of the House of Representatives and 2
6    members of the public knowledgeable about the State's
7    banking sector and economy, appointed by the Minority
8    Leader of the House of Representatives;
9        Two members of the Senate, one of whom shall serve as
10    co-chair of the Commission, and 2 members of the public
11    knowledgeable about the State's banking sector and
12    economy, appointed by the President of the Senate;
13        Two members of the Senate and 2 members of the public
14    knowledgeable about the State's banking sector and
15    economy, appointed by the Minority Leader of the Senate;
16        The Governor, or his or her designee; the State
17    Treasurer, or his or her designee; the Director of Commerce
18    and Economic Opportunity, or his or her designee; the
19    Secretary of Financial and Professional Regulation, or his
20    or her designee; and the Director of Revenue, or his or her
21    designee; and be it further
 
22    RESOLVED, That the members of the Commission shall serve
23without compensation but may be reimbursed for actual expenses
24from funds appropriated for that purpose; and be it further
 

 

 

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

 

 

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

 

 

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1    having a state bank;
2        (4) the costs and revenues associated with the Bank of
3    North Dakota and any other existing state banks;
4        (5) the short-term operating costs and projected
5    revenues of an Illinois State Bank; and
6        (6) the long-term impact on the economy, job creation,
7    and State revenue of having a State bank; and be it further
 
8    RESOLVED, That the Department of Financial and
9Professional Regulation shall provide administrative support
10and assistance to the Commission; and be it further
 
11    RESOLVED, That the report filed with the General Assembly
12shall be filed with the Clerk of the House of Representatives
13and the Secretary of the Senate in electronic form only, in the
14manner that the Clerk and Secretary shall direct; and be it
15further
 
16    RESOLVED, That the Commission shall make its report to the
17General Assembly and the Governor on or before December 31,
182019; the report of the Commission shall detail those findings
19and recommendations supported by a majority of the voting
20members.