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1 | HOUSE RESOLUTION
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2 | WHEREAS, The State of Illinois has an interest in | ||||||
3 | encouraging and promoting the development of agriculture, | ||||||
4 | commerce, and industry, for the benefit of all Illinois | ||||||
5 | residents; and
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6 | WHEREAS, Access to credit, guided by sound lending policies | ||||||
7 | tailored to Illinois' unique natural resources and | ||||||
8 | infrastructure, and its position within the national and world | ||||||
9 | economies, is essential to the growth of all sectors of the | ||||||
10 | Illinois economy; and
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11 | WHEREAS, In addition to the role of private lenders in | ||||||
12 | restoring prosperity to Illinois, there is also a role for | ||||||
13 | government to play in the revitalization of all sectors of the | ||||||
14 | Illinois economy; therefore, be it
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15 | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | ||||||
16 | NINETY-EIGHTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | ||||||
17 | there is created the Return Illinois To Prosperity Commission; | ||||||
18 | and be it further
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19 | RESOLVED, That the Return Illinois To Prosperity | ||||||
20 | Commission (Commission) shall be composed of the following | ||||||
21 | voting members: |
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1 | Two members of the General Assembly, one of whom shall | ||||||
2 | serve as chair of the Commission, and 2 members of the | ||||||
3 | public knowledgeable about the State's banking sector and | ||||||
4 | economy, appointed by the Speaker of the House of | ||||||
5 | Representatives;
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6 | Two members of the General Assembly and 2 members of | ||||||
7 | the public knowledgeable about the State's banking sector | ||||||
8 | and economy, appointed by the Minority Leader of the House | ||||||
9 | of Representatives; | ||||||
10 | The Governor, or his or her designee; the State | ||||||
11 | Treasurer, or his or her designee; the Director of the | ||||||
12 | Department of Commerce and Economic Opportunity, or his or | ||||||
13 | her designee; the Director of the Division of Financial | ||||||
14 | Institutions within the Department of Financial and | ||||||
15 | Professional Regulations, or his or her designee; and the | ||||||
16 | Director of the Department of Revenue, or his or her | ||||||
17 | designee; and be it further | ||||||
18 | RESOLVED, That the members of the Commission shall serve | ||||||
19 | without compensation, but may be reimbursed for actual expenses | ||||||
20 | from funds appropriated for that purpose; and be it further
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21 | RESOLVED, That the chair of the Commission, in his or her | ||||||
22 | discretion, may appoint, as additional non-voting members of | ||||||
23 | the Commission, representatives of units of local government, | ||||||
24 | experts in public finance or the Illinois economy, and other |
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1 | interested parties; and be it further
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2 | RESOLVED, That the Commission shall review and evaluate the | ||||||
3 | creation of an Illinois State Bank that would: | ||||||
4 | (1) purchase, guarantee, or hold loans made by | ||||||
5 | community banks, credit unions or other financial | ||||||
6 | institutions doing business in Illinois; | ||||||
7 | (2) provide a secondary market for residential loans | ||||||
8 | and mortgages, and other loans, made by financial | ||||||
9 | institutions doing business in Illinois; | ||||||
10 | (3) make loans in the form of participation loans with | ||||||
11 | Illinois community banks to qualified individuals and | ||||||
12 | businesses residing in or doing business in Illinois when | ||||||
13 | the originator of the loan is a community bank, credit | ||||||
14 | union, or other financial institution; | ||||||
15 | (4) serve as a banker's bank for Illinois chartered | ||||||
16 | banks by providing correspondent banking services and | ||||||
17 | other related services in keeping with its mission; | ||||||
18 | (5) accept deposits related to such transactions from | ||||||
19 | banks and other financial institutions; and | ||||||
20 | (6) be authorized to issue bank stock loans to Illinois | ||||||
21 | chartered banks; and be it further
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22 | RESOLVED, That in making its review and evaluation, the | ||||||
23 | Commission shall consider that the mission of an Illinois State | ||||||
24 | Bank would include: |
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1 | (1) supporting the economic development of the State by | ||||||
2 | increasing access to capital for agriculture, businesses, | ||||||
3 | and industry within the State in partnership with local | ||||||
4 | financial institutions; | ||||||
5 | (2) providing stability to the local financial sector | ||||||
6 | without entering into competition with community banks, | ||||||
7 | credit unions, or other financial institutions; | ||||||
8 | (3) reducing the costs paid by the State for basic | ||||||
9 | banking services; and | ||||||
10 | (4) returning profits, beyond those necessary to | ||||||
11 | accomplish the mission and sound operations of the Bank, to | ||||||
12 | the General Revenue Fund of the State; and be it further
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13 | RESOLVED, That in making its review and evaluation, the | ||||||
14 | Commission shall consider relevant factors to its mission, | ||||||
15 | including, but not limited to: | ||||||
16 | (1) the operation and impact of the Bank of North | ||||||
17 | Dakota; | ||||||
18 | (2) whether other states have state banks or are | ||||||
19 | currently considering the creation of a state bank; | ||||||
20 | (3) the effectiveness and usefulness of existing state | ||||||
21 | banks, with specific attention to the economic impact of | ||||||
22 | having a state bank; | ||||||
23 | (4) determine the costs and revenues associated with | ||||||
24 | the Bank of North Dakota and any other existing state | ||||||
25 | banks; |
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1 | (5) estimate the short-term operating costs and | ||||||
2 | projected revenues of an Illinois State Bank; and | ||||||
3 | (6) examine the long-term impact on the economy, job | ||||||
4 | creation, and state revenue of having a state bank; and be | ||||||
5 | it further
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6 | RESOLVED, That the Commission shall make its report to the | ||||||
7 | General Assembly and the Governor on or before December 31, | ||||||
8 | 2013. The report of the Commission shall detail those findings | ||||||
9 | and recommendations supported by a majority of the voting | ||||||
10 | members.
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