Full Text of HR0069 096th General Assembly
HR0069 96TH GENERAL ASSEMBLY
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| HOUSE RESOLUTION
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| WHEREAS, The recession currently ravaging the U.S. economy | 3 |
| generates daily news reports of significant job losses, | 4 |
| business location closings, or reduced consumer confidence; | 5 |
| and
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| WHEREAS, In its first report to Congress on December 10, | 7 |
| 2008, the Congressional Oversight Panel inquired of the U.S. | 8 |
| Department of Treasury about: (1) its "goals and methods for | 9 |
| the Troubled Asset Relief Program (TARP)" (2) the "execution of | 10 |
| the authority granted to Treasury under the Emergency Economic | 11 |
| Stabilization Act and the $350 billion in taxpayer funds that | 12 |
| had been 'effectively allocated' under that program" and (3) | 13 |
| what "appear[ed] to be significant gaps in Treasury's | 14 |
| monitoring of the use of taxpayer money (e.g., asking financial | 15 |
| institutions to account for what they have done with taxpayer | 16 |
| funds)"; and
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| WHEREAS, On January 15, 2009, Congress approved the release | 18 |
| of the second $350 billion available from the Emergency | 19 |
| Economic Stabilization Act and as a consequence, Treasury now | 20 |
| has access to the full $700 billion spending authority | 21 |
| contemplated in EESA; and
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| WHEREAS, Following the inauguration of President Barack |
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| Obama, a new Treasury Secretary, Timothy Geithner, was sworn in | 2 |
| and, under the new Administration, Treasury has extended | 3 |
| additional assistance to financial institutions and announced | 4 |
| new rules governing the conduct of recipients; and
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| WHEREAS, Secretary Geithner asserted that new TARP funding | 6 |
| will have "tough conditions to protect the taxpayer and the | 7 |
| necessary transparency to allow the American people to see how | 8 |
| and where their money is being spent and the results those | 9 |
| investments are delivering"; and
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| WHEREAS, Recently, concern has arisen that some business | 11 |
| entities receiving federal funds have misused those funds and, | 12 |
| in some instances, have laid off employees, despite receiving | 13 |
| federal assistance funds; and | 14 |
| WHEREAS, President Obama and the Congress are now | 15 |
| endeavoring to pass the American Recovery and Reinvestment Act | 16 |
| of 2009; therefore, be it
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| RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | 18 |
| NINETY-SIXTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | 19 |
| the Illinois State House of Representatives urges the Congress | 20 |
| to include in the American Recovery and Reinvestment Act of | 21 |
| 2009, and subsequent amendments of the Emergency Economic | 22 |
| Stabilization Act, provisions that prohibit any business |
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| entity that receives funding under the various federal programs | 2 |
| administered under these statutes from engaging in layoffs of | 3 |
| employees, at least until a time that the Obama administration | 4 |
| declares that the recession that the country is now | 5 |
| experiencing has ended; and be it further
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| RESOLVED, That suitable copies of this resolution be | 7 |
| delivered to President Obama, and each member of the Illinois | 8 |
| Congressional delegation.
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