Full Text of HJR0028 100th General Assembly
HJ0028 100TH GENERAL ASSEMBLY |
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| 1 | | HOUSE JOINT RESOLUTION
| 2 | | WHEREAS, The banking crisis in the United States is | 3 | | continuing as exemplified by the fraudulent practices of Wells | 4 | | Fargo Bank and others; the ongoing criminal actions of JP | 5 | | Morgan Chase, Citibank, HSBC, and other "too-big-to-fail" | 6 | | banks have resulted in billions of dollars in fines; and yet, | 7 | | the federally insured banks still have over $250 trillion of | 8 | | derivative securities on their books, the same securities that | 9 | | blew up the economy in 2008; and
| 10 | | WHEREAS, The financial crisis is being driven by a collapse | 11 | | of our nation's industry and infrastructure, gross domestic | 12 | | product has been expanding at an anemic rate of 1-2% per year | 13 | | for nearly a decade, and productivity has been growing at an | 14 | | even lower .5%; and
| 15 | | WHEREAS, A return to a durable industrial recovery will | 16 | | require adoption of national banking policies as the first | 17 | | Secretary of the Treasury, Alexander Hamilton, and Presidents, | 18 | | John Quincy Adams, Abraham Lincoln, and Franklin D. Roosevelt | 19 | | adopted during their administrations; federal credit to | 20 | | industry, states, and cities built the nation's economy; a new | 21 | | national bank could invest trillions of dollars into our | 22 | | infrastructure, creating millions of new jobs and increasing | 23 | | productivity of the nation; and
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| 1 | | WHEREAS, During the 114th Congress (2015-2016), the House | 2 | | of Representatives introduced the "Return to Prudent Banking | 3 | | Act of 2015" (HR 381), and the Senate introduced the "21st | 4 | | Century Glass Steagall Act of 2015" (S.B. 1709), both intended | 5 | | to restore the separation of investment and commercial banking; | 6 | | neither reached a vote; therefore, be it | 7 | | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE | 8 | | HUNDREDTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, THE SENATE | 9 | | CONCURRING HEREIN, that we urge the United States Congress to | 10 | | immediately adopt the "American Recovery Program" with the | 11 | | following objectives: | 12 | | (1) To pass legislation of a similar nature to those | 13 | | introduced in the 114th Congress restoring the provisions | 14 | | of the Glass-Steagall Act; Glass-Steagall was law for 66 | 15 | | years and prevented the kind of collapse that hit the U.S. | 16 | | in 2008; the Illinois General Assembly was one of 15 state | 17 | | legislatures to file Glass-Steagall resolutions in 2016, | 18 | | (HR1093); and Glass-Steagall was added to the platform of | 19 | | the 2016 Democratic and Republican national conventions; | 20 | | and | 21 | | (2) Return to a national banking and a federal credit | 22 | | system modeled on the principles of Alexander Hamilton's | 23 | | First Bank of the United States, which built all of the | 24 | | early infrastructure of the nation; President Abraham |
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| 1 | | Lincoln was a leading advocate for a new national bank and | 2 | | used the Greenback policy to build the industrial might of | 3 | | the nation; the same credit policy was embodied in | 4 | | President Franklin D. Roosevelt's Reconstruction Finance | 5 | | Corporation (RFC), which financed the gigantic New Deal | 6 | | infrastructure program, the Civilian Conservation Corps | 7 | | (CCC), which proved to be one of the best public-works | 8 | | programs ever funded by the U.S. government; in Illinois, | 9 | | the CCC planted thousands of trees, installed telephone | 10 | | lines, and built recreational areas, picnic facilities, | 11 | | impoundments, roads, and trails; Illinois CCC projects | 12 | | include the Belle Smith Springs Recreation Area, Shawnee | 13 | | Pounds Hollow Recreation Area, and the New Salem Village; a | 14 | | new national bank can be capitalized at one to two trillion | 15 | | dollars with non-taxpayer money and can fund a new | 16 | | infrastructure program; and | 17 | | (3) Use the federal credit system to build a modern | 18 | | network of high-speed rail, power generating systems, and | 19 | | water projects, such as those urgently needed in the | 20 | | Southwest; high-speed passenger and freight lines could | 21 | | alter the entire Western United States; and | 22 | | (4) Rebuild our space program, beginning with | 23 | | industrial development of the moon, explore the solar | 24 | | system, and inspire future generations; and launch a crash | 25 | | program to develop fusion power as key to solving the | 26 | | energy problems for the long term; therefore, be it
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| 1 | | RESOLVED, That suitable copies of this resolution be | 2 | | delivered to the Speaker of the House of Representatives, the | 3 | | Majority Leader of the Senate, and the members of the Illinois | 4 | | Congressional Delegation.
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