SR0665 96TH GENERAL ASSEMBLY

SR0665 LRB096 21309 MJR 37299 r

SENATE RESOLUTION

WHEREAS, Our nation's financial system is in urgent need of reform due in large part to the excesses and risky practices of the large, multi-state "too big to fail" banks; and

WHEREAS, Despite efforts by Congress and the current administration to increase bank lending, including a $700,000,000,000 bank bailout, the nation's 4 largest banks have collectively cut their loans to businesses by more than $100,000,000,000 over the last 6 months; and

WHEREAS, Bank of America and Citigroup each received $45,000,000,000 of bailout money, and Wells Fargo and JP Morgan Chase each received $25,000,000,000; and

WHEREAS, Illinois needs a strong and fair regulatory system that has the resources and authority necessary to prevent the collapse of the financial sector caused by Wall Street and the large banks; and

WHEREAS, Illinois-based community banks typically make more conservative investments and are inclined to make smarter loans with a better chance of payback; and

WHEREAS, Illinois-based community banks earn greater risk-adjusted yields than large banks, suggesting that they are the better choice for small businesses and individuals; and

WHEREAS, Illinois-based community banks are more closely connected to the people and businesses near them; and

WHEREAS, Illinois-based community banks invest in communities and businesses to create good jobs and strong neighborhoods; and

WHEREAS, Illinois-based community banks work to ensure that the banking system helps people stay in their homes; and

WHEREAS, Illinois-based community banks are stable and reliable and take a people-oriented approach to banking; and

WHEREAS, The residents of Illinois value personal service, good jobs, and strong communities; therefore, be it

RESOLVED, BY THE SENATE OF THE NINETY-SIXTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we urge the residents and local governments of Illinois to move their money from large multi-state "too big to fail" banks to small community banks in order to support responsible lending practices and the State's economy.