Full Text of HR1091 100th General Assembly
HR1091 100TH GENERAL ASSEMBLY |
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| 1 | | HOUSE RESOLUTION
| 2 | | WHEREAS, The Illinois House of Representatives believes | 3 | | that the actions of the Federal Reserve impact every citizen in | 4 | | the United States, not just Illinois; and
| 5 | | WHEREAS, An important component of a strong economy is | 6 | | maintaining a transparent one; and
| 7 | | WHEREAS, For nearly ten years, members of the United States | 8 | | Congress have introduced the Federal Reserve Transparency Act, | 9 | | which calls for the United States government to audit the | 10 | | Federal Reserve; and
| 11 | | WHEREAS, The Federal Reserve is a large force in the United | 12 | | States and global economy that has largely gone unchecked for | 13 | | decades; and
| 14 | | WHEREAS, The Reserve maintains nearly $1.6 trillion in | 15 | | circulation at any given time; in fiscal year 2018, the Board | 16 | | of Governors of the Federal Reserve submitted an order for | 17 | | approximately 7.4 billion Federal Reserve notes, valued at more | 18 | | than $233 billion; and
| 19 | | WHEREAS, The Federal Reserve is able to enact policies that | 20 | | can affect Americans far more than tax law and fiscal plans and |
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| 1 | | can cost the citizens of the United States trillions of dollars | 2 | | by keeping interest rates artificially low and making | 3 | | destructive investments that can result in housing, market, and | 4 | | employment slumps; and
| 5 | | WHEREAS, The Fed was created by the United States Congress | 6 | | in 1913 as a means to centrally control the monetary system of | 7 | | the United States in order to avoid financial crises, but | 8 | | current law does not allow for Congress to audit the Fed's | 9 | | monetary policies; and
| 10 | | WHEREAS, While many believe that the Dodd-Frank Act of 2010 | 11 | | mandated a Federal Reserve audit, the Act only applied to | 12 | | emergency credit facilities and procedures, rather than | 13 | | substantive transaction details; and
| 14 | | WHEREAS, The original Federal Reserve Transparency Act was | 15 | | introduced in 2009 in response to the 2008 financial crisis, | 16 | | where it was never called for a vote in the House of | 17 | | Representatives; and
| 18 | | WHEREAS, On January 3, 2017, Senator Rand Paul introduced | 19 | | the fifth iteration of the Federal Reserve Transparency Act, | 20 | | which has never been heard in the Senate Banking, Housing, and | 21 | | Urban Affairs Committee, despite being assigned for over one | 22 | | year; therefore, be it
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| 1 | | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE | 2 | | HUNDREDTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we | 3 | | urge the United States Congress and President Donald Trump to | 4 | | pass the Federal Reserve Transparency Act of 2017; and be it | 5 | | further
| 6 | | RESOLVED, That suitable copies of this resolution be | 7 | | delivered to President Donald Trump, U.S. Senate Majority | 8 | | Leader Mitch McConnell, U.S. Senate Minority Leader Chuck | 9 | | Schumer, U.S. Speaker of the House of Representatives, Paul | 10 | | Ryan, U.S. House of Representatives Minority Leader Nancy | 11 | | Pelosi, and all members of the Illinois Congressional | 12 | | Delegation.
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