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90_HJ0008
LRB9002586CBcb
1 HOUSE JOINT RESOLUTION
2 WHEREAS, The maintenance of the public trust is the
3 responsibility of all government officials; and
4 WHEREAS, The safety of public funds is the primary
5 responsibility of all custodians of public funds; and
6 WHEREAS, Taxpayers have a right to expect that all public
7 funds are invested in a safe and secure manner; and
8 WHEREAS, Recent events across the country involving the
9 management of public funds have resulted not only in
10 financial losses but also in a general loss of public
11 confidence; and
12 WHEREAS, It is in the best interest of all Illinois
13 custodians of public funds to review current investment law
14 and make changes where appropriate; and
15 WHEREAS, It is the responsibility of all public finance
16 officers to establish a framework for the restoration of
17 public confidence in those who invest public money;
18 therefore, be it
19 RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
20 NINETIETH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, THE
21 SENATE CONCURRING HEREIN, that a Public Investor Task Force
22 be established and charged with reviewing pertinent law
23 governing the investment of Illinois public funds,
24 specifically studying the establishment of a clearinghouse
25 within the State Treasurer's office for information relating
26 to the investment of public funds at all levels of Illinois
27 government, the establishment of standards for all Illinois
28 custodians of public funds at all levels of government and
29 any other issues relevant to the management of public funds
30 by those charged with that responsibility; and be it further
-2- LRB9002586CBcb
1 RESOLVED, That the Task Force shall be composed of the
2 State Treasurer, who shall serve as Chair; one representative
3 each appointed by the Speaker of the House of Representatives
4 and the Minority Leader of the House of Representatives; one
5 senator each appointed by the President of the Senate and the
6 Minority Leader of the Senate; a practicing fund manager
7 appointed by the State Treasurer; a representative of the
8 broker/dealer community appointed by the State Treasurer; a
9 representative of the Illinois Government Finance Officers
10 Association; a representative of the Illinois Municipal
11 Treasurers Association; a representative of the Illinois
12 County Treasurers Association; a representative of the
13 Illinois Bankers Association; a representative of the
14 Community Bankers Association of Illinois; a representative
15 of the Illinois Credit Union System; a representative of the
16 Illinois League of Savings Institutions; and one at-large
17 member appointed by the State Treasurer; and be it further
18 RESOLVED, That the Treasurer shall convene the Public
19 Investor Task Force within 30 days following adoption of this
20 resolution; and be it further
21 RESOLVED, That the members of the Public Investor Task
22 Force shall serve without compensation and shall not receive
23 reimbursement for any expenses; and be it further
24 RESOLVED, That a report and suggested legislative
25 initiatives of the Public Investor Task Force shall be
26 submitted to the Illinois General Assembly by December 31,
27 1997.