Illinois General Assembly - Full Text of HB4557
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Full Text of HB4557  102nd General Assembly

HB4557 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB4557

 

Introduced 1/21/2022, by Rep. Will Guzzardi

 

SYNOPSIS AS INTRODUCED:
 
New Act

    Creates the Public Bank Task Force Law. Sets forth the duties and responsibilities of the Public Bank Task Force. Sets forth provisions concerning appointment of the task force members. Provides that task force members shall be appointed by July 1, 2022, and that task force members shall serve without compensation. Provides that task force meetings shall begin by October 1, 2022, that there shall be one meeting of the task force per month through June 30, 2023, and that at least 3 of the task force meetings shall include testimony from members of the general public. Provides that the task force shall submit a report of its findings to the General Assembly by September 30, 2023, written by an independent authority with subject matter expertise. Provides that the Public Bank Task Force is dissolved and the Act is repealed on September 30, 2024. Effective immediately.


LRB102 22578 BMS 31719 b

 

 

A BILL FOR

 

HB4557LRB102 22578 BMS 31719 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 1. Short title. This Act may be cited as the Public
5Bank Task Force Law.
 
6    Section 5. Findings. The General Assembly finds that:
7        (1) The coronavirus pandemic has demonstrated the
8    State of Illinois and its localities need to build the
9    capacity of its public financial infrastructure.
10        (2) The constraint of public money spent on interest
11    and debt servicing to private banks and investors has kept
12    this State and local governments from making the necessary
13    long term public investments in building a care economy.
14        (3) Public banks are publicly-owned and managed
15    depository institutions providing retail, commercial, and
16    investment banking services to the public, mandated for
17    public purposes instead of profit.
18        (4) There are currently 910 public banks globally with
19    $49 trillion in assets (17% of all bank assets).
20        (5) The Bank of North Dakota is the only active public
21    bank in the United States, which is attributed for the
22    success of that state's leading economic response
23    following both the 2008 financial crisis and the onset of

 

 

HB4557- 2 -LRB102 22578 BMS 31719 b

1    the 2020 pandemic.
2        (6) A public bank for Illinois would benefit the
3    public via lowering public financing costs for this State
4    and its localities, building community wealth, repairing
5    the historical financial harms to Black, Indigenous, and
6    immigrant communities, and leading a just green economic
7    transition.
 
8    Section 10. Public Bank Task Force; duties and
9responsibilities.
10    (a) The Public Bank Task Force is created.
11    (b) The Public Bank Task Force shall do the following:
12        (1) Create a mission statement for a state bank that
13    will provide retail, commercial, and investment banking
14    services to the people of Illinois for the purposes of
15    achieving public cost savings, building community wealth,
16    repairing the historical harms to Black, Indigenous, and
17    immigrant communities, and leading a just green economic
18    transition.
19        (2) Create a viable business plan for a state bank,
20    whether through acquiring an existing institution or
21    creating one de novo.
22        (3) Propose a governance and operation structure for a
23    state bank.
24        (4) Make a recommendation to the General Assembly on
25    the amount of money needed to capitalize a state bank.
 

 

 

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1    Section 15. Public Bank Task Force; members.
2    (a) The Task Force shall consist of the following members:
3        (1) 2 members appointed by the President of the
4    Senate; one of whom shall serve as co-chair.
5        (2) 2 members appointed by the Speaker of the House of
6    Representatives, one of whom shall serve as co-chair.
7        (3) 2 members appointed by the Minority Leader of the
8    Senate, one of whom shall serve as co-chair.
9        (4) 2 members appointed by the Minority Leader of the
10    House of Representatives, one of whom shall serve as
11    co-chair.
12        (5) The Secretary of Financial and Professional
13    Regulation, or his or her designee.
14        (6) The State Treasurer, or his or her designee.
15        (7) The Comptroller, or his or her designee.
16        (8) 2 members appointed by the Governor who shall be
17    representatives of a statewide organization representing
18    organized labor.
19        (9) 3 members appointed by the Governor who shall be
20    knowledgeable and experienced in the area of nonprofit or
21    community organizations.
22        (10) 2 members appointed by the Governor who shall be
23    knowledgeable and experienced in the area of municipal
24    government.
25    (b) Task Force members shall be appointed by July 1, 2022.

 

 

HB4557- 4 -LRB102 22578 BMS 31719 b

1    (c) Task Force members shall serve without compensation.
 
2    Section 20. Public Bank Task Force; meetings.
3    (a) Meetings of the Task Force shall begin by October 1,
42022.
5    (b) There shall be one meeting of the Task Force per month
6through June 30, 2023, for a total of nine meetings.
7    (c) At least 3 of the meetings of the Task Force shall
8include testimony from members of the general public.
 
9    Section 25. Public Bank Task Force; report; repeal.
10    (a) The Task Force shall submit a report of its findings to
11the General Assembly by September 30, 2023, written by an
12independent authority with subject matter expertise.
13    (b) The Task Force is dissolved, and this Act is repealed,
14on September 30, 2024.
 
15    Section 99. Effective date. This Act takes effect upon
16becoming law.