Full Text of HJR0024 99th General Assembly
HJ0024 99TH GENERAL ASSEMBLY |
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| 1 | | HOUSE JOINT RESOLUTION
| 2 | | WHEREAS, The State of Illinois has an interest in | 3 | | encouraging and promoting the development of agriculture, | 4 | | commerce, and industry, for the benefit of all Illinois | 5 | | residents; and
| 6 | | WHEREAS, Access to credit, guided by sound lending policies | 7 | | tailored to Illinois' unique natural resources and | 8 | | infrastructure, and its position within the national and world | 9 | | economies, is essential to the growth of all sectors of the | 10 | | Illinois economy; and
| 11 | | WHEREAS, In addition to the role of private lenders in | 12 | | restoring prosperity to Illinois, there is also a role for | 13 | | government to play in the revitalization of all sectors of the | 14 | | Illinois economy; therefore, be it
| 15 | | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | 16 | | NINETY-NINTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, THE | 17 | | SENATE CONCURRING HEREIN, that there is created the Return | 18 | | Illinois To Prosperity Commission; and be it further
| 19 | | RESOLVED, That the Return Illinois To Prosperity | 20 | | Commission (Commission) shall be composed of the following | 21 | | voting members: |
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| 1 | | Two members of the House of Representatives, one of | 2 | | whom shall serve as co-chair of the Commission, and 2 | 3 | | members of the public knowledgeable about the State's | 4 | | banking sector and economy, appointed by the Speaker of the | 5 | | House of Representatives;
| 6 | | Two members of the House of Representatives and 2 | 7 | | members of the public knowledgeable about the State's | 8 | | banking sector and economy, appointed by the Minority | 9 | | Leader of the House of Representatives; | 10 | | Two members of the Senate, one of whom shall serve as | 11 | | co-chair of the Commission, and 2 members of the public | 12 | | knowledgeable about the State's banking sector and | 13 | | economy, appointed by the President of the Senate;
| 14 | | Two members of the Senate and 2 members of the public | 15 | | knowledgeable about the State's banking sector and | 16 | | economy, appointed by the Minority Leader of the Senate; | 17 | | The Governor, or his or her designee; the State | 18 | | Treasurer, or his or her designee; the Director of Commerce | 19 | | and Economic Opportunity, or his or her designee; the | 20 | | Secretary of Financial and Professional Regulation, or his | 21 | | or her designee; and the Director of Revenue, or his or her | 22 | | designee; and be it further | 23 | | RESOLVED, That the members of the Commission shall serve | 24 | | without compensation, but may be reimbursed for actual expenses | 25 | | from funds appropriated for that purpose; and be it further
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| 1 | | RESOLVED, That the co-chairs of the Commission, in their | 2 | | discretion, may appoint, as additional non-voting members of | 3 | | the Commission, representatives of units of local government, | 4 | | experts in public finance or the Illinois economy, and other | 5 | | interested parties; and be it further
| 6 | | RESOLVED, That the Commission shall review and evaluate the | 7 | | creation 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 | | and 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 |
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| 1 | | chartered banks; and be it further
| 2 | | RESOLVED, That in making its review and evaluation, the | 3 | | Commission shall consider that the mission of an Illinois State | 4 | | Bank would include: | 5 | | (1) supporting the economic development of the State by | 6 | | increasing access to capital for agriculture, businesses, | 7 | | and industry within the State in partnership with local | 8 | | financial institutions; | 9 | | (2) providing stability to the local financial sector | 10 | | without entering into competition with community banks, | 11 | | credit unions, or other financial institutions; | 12 | | (3) reducing the costs paid by the State for basic | 13 | | banking services; and | 14 | | (4) returning profits, beyond those necessary to | 15 | | accomplish the mission and sound operations of the Bank, to | 16 | | the General Revenue Fund of the State; and be it further
| 17 | | RESOLVED, That in making its review and evaluation, the | 18 | | Commission shall consider relevant factors to its mission, | 19 | | including, but not limited to: | 20 | | (1) the operation and impact of the Bank of North | 21 | | Dakota; | 22 | | (2) whether other states have state banks or are | 23 | | currently considering the creation of a state bank; | 24 | | (3) the effectiveness and usefulness of existing state |
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| 1 | | banks, with specific attention to the economic impact of | 2 | | having a state bank; | 3 | | (4) the costs and revenues associated with the Bank of | 4 | | North Dakota and any other existing state banks; | 5 | | (5) the short-term operating costs and projected | 6 | | revenues of an Illinois State Bank; and | 7 | | (6) the long-term impact on the economy, job creation, | 8 | | and State revenue of having a State bank; and be it further
| 9 | | RESOLVED, That the Department of Financial and | 10 | | Professional Regulation shall provide administrative support | 11 | | and assistance to the Commission; and be it further | 12 | | RESOLVED, That the Commission shall make its report to the | 13 | | General Assembly and the Governor on or before December 31, | 14 | | 2015; the report of the Commission shall detail those findings | 15 | | and recommendations supported by a majority of the voting | 16 | | members.
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