HR0069 96TH GENERAL ASSEMBLY

HR0069 LRB096 08774 AJO 18906 r

HOUSE RESOLUTION

WHEREAS, The recession currently ravaging the U.S. economy generates daily news reports of significant job losses, business location closings, or reduced consumer confidence; and

WHEREAS, In its first report to Congress on December 10, 2008, the Congressional Oversight Panel inquired of the U.S. Department of Treasury about: (1) its "goals and methods for the Troubled Asset Relief Program (TARP)" (2) the "execution of the authority granted to Treasury under the Emergency Economic Stabilization Act and the $350 billion in taxpayer funds that had been 'effectively allocated' under that program" and (3) what "appear[ed] to be significant gaps in Treasury's monitoring of the use of taxpayer money (e.g., asking financial institutions to account for what they have done with taxpayer funds)"; and

WHEREAS, On January 15, 2009, Congress approved the release of the second $350 billion available from the Emergency Economic Stabilization Act and as a consequence, Treasury now has access to the full $700 billion spending authority contemplated in EESA; and

WHEREAS, Following the inauguration of President Barack Obama, a new Treasury Secretary, Timothy Geithner, was sworn in and, under the new Administration, Treasury has extended additional assistance to financial institutions and announced new rules governing the conduct of recipients; and

WHEREAS, Secretary Geithner asserted that new TARP funding will have "tough conditions to protect the taxpayer and the necessary transparency to allow the American people to see how and where their money is being spent and the results those investments are delivering"; and

WHEREAS, Recently, concern has arisen that some business entities receiving federal funds have misused those funds and, in some instances, have laid off employees, despite receiving federal assistance funds; and

WHEREAS, President Obama and the Congress are now endeavoring to pass the American Recovery and Reinvestment Act of 2009; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINETY-SIXTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that the Illinois State House of Representatives urges the Congress to include in the American Recovery and Reinvestment Act of 2009, and subsequent amendments of the Emergency Economic Stabilization Act, provisions that prohibit any business entity that receives funding under the various federal programs administered under these statutes from engaging in layoffs of employees, at least until a time that the Obama administration declares that the recession that the country is now experiencing has ended; and be it further

RESOLVED, That suitable copies of this resolution be delivered to President Obama, and each member of the Illinois Congressional delegation.