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1
HOUSE JOINT RESOLUTION

 
2    WHEREAS, The State of Illinois has an interest in
3encouraging and promoting the development of agriculture,
4commerce, and industry, for the benefit of all Illinois
5residents; and
 
6    WHEREAS, Access to credit, guided by sound lending policies
7tailored to Illinois' unique natural resources and
8infrastructure, and its position within the national and world
9economies, is essential to the growth of all sectors of the
10Illinois economy; and
 
11    WHEREAS, In addition to the role of private lenders in
12restoring prosperity to Illinois, there is also a role for
13government to play in the revitalization of all sectors of the
14Illinois economy; therefore, be it
 
15    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
16NINETY-EIGHTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, THE
17SENATE CONCURRING HEREIN, that there is created the Return
18Illinois To Prosperity Commission; and be it further
 
19    RESOLVED, That the Return Illinois To Prosperity
20Commission (Commission) shall be composed of the following
21voting members:

 

 

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1        Two members of the House of Representatives, one of
2    whom shall serve as co-chair of the Commission, and 2
3    members of the public knowledgeable about the State's
4    banking sector and economy, appointed by the Speaker of the
5    House of Representatives;
6        Two members of the House of Representatives and 2
7    members of the public knowledgeable about the State's
8    banking sector and economy, appointed by the Minority
9    Leader of the House of Representatives;
10        Two members of the Senate, one of whom shall serve as
11    co-chair of the Commission, and 2 members of the public
12    knowledgeable about the State's banking sector and
13    economy, appointed by the President of the Senate;
14        Two members of the Senate and 2 members of the public
15    knowledgeable about the State's banking sector and
16    economy, appointed by the Minority Leader of the Senate;
17        The Governor, or his or her designee; the State
18    Treasurer, or his or her designee; the Director of Commerce
19    and Economic Opportunity, or his or her designee; the
20    Secretary of Financial and Professional Regulation, or his
21    or her designee; and the Director of Revenue, or his or her
22    designee; and be it further
 
23    RESOLVED, That the members of the Commission shall serve
24without compensation, but may be reimbursed for actual expenses
25from funds appropriated for that purpose; and be it further
 

 

 

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1    RESOLVED, That the co-chairs of the Commission, in their
2discretion, may appoint, as additional non-voting members of
3the Commission, representatives of units of local government,
4experts in public finance or the Illinois economy, and other
5interested parties; and be it further
 
6    RESOLVED, That the Commission shall review and evaluate the
7creation of an Illinois State Bank that would:
8        (1) purchase, guarantee, or hold loans made by
9    community banks, credit unions, or other financial
10    institutions doing business in Illinois;
11        (2) provide a secondary market for residential loans
12    and mortgages, and other loans, made by financial
13    institutions doing business in Illinois;
14        (3) make loans in the form of participation loans with
15    Illinois community banks to qualified individuals and
16    businesses residing in or doing business in Illinois when
17    the originator of the loan is a community bank, credit
18    union, or other financial institution;
19        (4) serve as a banker's bank for Illinois chartered
20    banks by providing correspondent banking services and
21    other related services in keeping with its mission;
22        (5) accept deposits related to such transactions from
23    banks and other financial institutions; and
24        (6) be authorized to issue bank stock loans to Illinois

 

 

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1    chartered banks; and be it further
 
2    RESOLVED, That in making its review and evaluation, the
3Commission shall consider that the mission of an Illinois State
4Bank would include:
5        (1) supporting the economic development of the State by
6    increasing access to capital for agriculture, businesses,
7    and industry within the State in partnership with local
8    financial institutions;
9        (2) providing stability to the local financial sector
10    without entering into competition with community banks,
11    credit unions, or other financial institutions;
12        (3) reducing the costs paid by the State for basic
13    banking services; and
14        (4) returning profits, beyond those necessary to
15    accomplish the mission and sound operations of the Bank, to
16    the General Revenue Fund of the State; and be it further
 
17    RESOLVED, That in making its review and evaluation, the
18Commission shall consider relevant factors to its mission,
19including, but not limited to:
20        (1) the operation and impact of the Bank of North
21    Dakota;
22        (2) whether other states have state banks or are
23    currently considering the creation of a state bank;
24        (3) the effectiveness and usefulness of existing state

 

 

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1    banks, with specific attention to the economic impact of
2    having a state bank;
3        (4) the costs and revenues associated with the Bank of
4    North Dakota and any other existing state banks;
5        (5) the short-term operating costs and projected
6    revenues of an Illinois State Bank; and
7        (6) the long-term impact on the economy, job creation,
8    and State revenue of having a State bank; and be it further
 
9    RESOLVED, That the Department of Financial and
10Professional Regulation shall provide administrative support
11and assistance to the Commission; and be it further
 
12    RESOLVED, That the Commission shall make its report to the
13General Assembly and the Governor on or before December 31,
142013; the report of the Commission shall detail those findings
15and recommendations supported by a majority of the voting
16members.