HR0720LRB097 19417 KXB 64670 r


  
1
HOUSE RESOLUTION

  
 
2    WHEREAS, Each State of the Union is a sovereign entity with 
3a constitution and
authority to issue sovereign debt; and
  
 
4    WHEREAS, The legislature of each State of the Union has the 
5authority to reduce
spending or raise taxes to pay the 
6obligations to which the State has committed itself; and
  
 
7    WHEREAS, The officials of each State of the Union have the 
8legal obligation to fully
disclose the financial condition of 
9the State to investors who purchase the debt of such
State; and
  
 
10    WHEREAS, Congress has rejected prior requests from State 
11creditors for payment of
defaulted State debt; and

  
 
12    WHEREAS, During the financial crisis in 1842, the Senate 
13requested that the Secretary of
State report any negotiations 
14with State creditors to assume or guaranty State debts, to

15ensure that no promises of federal government support were 
16proffered; therefore, be it
  
 
17    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE 
18NINETY-SEVENTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that 
19we urge (1) the federal government to take no action to redeem, 
20assume, or guarantee State
debt; and
(2) the Secretary of the 
 
 
HR0720- 2 -LRB097 19417 KXB 64670 r

1Treasury should report to Congress negotiations to engage in

2actions that would result in an outlay of Federal funds on 
3behalf of creditors to a State; and be it further

  
 
4    RESOLVED, That suitable copies of this resolution be 
5delivered to the President of the United States, the Speaker of 
6the  United States House of Representatives, the Minority Leader 
7of the United States House of Representatives, the Majority 
8Leader of the United States Senate, the Minority Leader of the 
9United States Senate, and each member of the Illinois 
10congressional delegation.