HR0720LRB097 19417 KXB 64670 r

1
HOUSE RESOLUTION

 
2    WHEREAS, Each State of the Union is a sovereign entity with
3a constitution and authority to issue sovereign debt; and
 
4    WHEREAS, The legislature of each State of the Union has the
5authority to reduce spending or raise taxes to pay the
6obligations to which the State has committed itself; and
 
7    WHEREAS, The officials of each State of the Union have the
8legal obligation to fully disclose the financial condition of
9the State to investors who purchase the debt of such State; and
 
10    WHEREAS, Congress has rejected prior requests from State
11creditors for payment of defaulted State debt; and
 
12    WHEREAS, During the financial crisis in 1842, the Senate
13requested that the Secretary of State report any negotiations
14with State creditors to assume or guaranty State debts, to
15ensure that no promises of federal government support were
16proffered; therefore, be it
 
17    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
18NINETY-SEVENTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
19we urge (1) the federal government to take no action to redeem,
20assume, or guarantee State debt; and (2) the Secretary of the

 

 

HR0720- 2 -LRB097 19417 KXB 64670 r

1Treasury should report to Congress negotiations to engage in
2actions that would result in an outlay of Federal funds on
3behalf of creditors to a State; and be it further
 
4    RESOLVED, That suitable copies of this resolution be
5delivered to the President of the United States, the Speaker of
6the United States House of Representatives, the Minority Leader
7of the United States House of Representatives, the Majority
8Leader of the United States Senate, the Minority Leader of the
9United States Senate, and each member of the Illinois
10congressional delegation.