Illinois General Assembly - Full Text of HR0531
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Full Text of HR0531  99th General Assembly

HR0531 99TH GENERAL ASSEMBLY


  

 


 
HR0531LRB099 12587 GRL 36133 r

1
HOUSE RESOLUTION

 
2    WHEREAS, Illinois taxpayers spend hundreds of millions of
3dollars each year on fees for financial services, which
4contributes to the State's financial distress; and
 
5    WHEREAS, Fees for financial services are typically
6arbitrary and bear no reasonable relationship to the costs that
7firms incur for providing those services; and
 
8    WHEREAS, Every dollar that the State of Illinois and its
9departments, authorities, agencies, and pension funds ("State
10agencies") spend on financial services is a dollar that is not
11available for funding essential public services like education
12and healthcare; and
 
13    WHEREAS, The Governor has proposed $6.6 billion in funding
14cuts; therefore, be it
 
15    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
16NINETY-NINTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we
17urge the members of the General Assembly to not implement any
18cuts to State aid to municipalities unless those cuts are
19matched by equally proportionate reductions in fees for
20financial services paid by State agencies, including fees for
21all financial services, including cash management, investment

 

 

HR0531- 2 -LRB099 12587 GRL 36133 r

1management, and debt management; and be it further
 
2    RESOLVED, That, if the General Assembly cuts State aid to
3municipalities, we urge all State agencies to request that the
4firms that provide them financial services reduce fees by an
5equally proportionate amount; and be it further
 
6    RESOLVED, That we urge State agencies to not make any
7payments to firms that refuse to reduce fees for financial
8services by the set amount until they have first met all of
9their other financial obligations, including fully funding
10public services and State aid to municipalities, paying
11workers, making pension fund contributions, and paying other
12legitimate bills.