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90_HJ0008eng HJR0008 Engrossed LRB9002586CBcb 1 HOUSE JOINT RESOLUTION 8 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 HJR0008 Engrossed -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 League; 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 but, the General 23 Assembly members of the Task Force shall be entitled to 24 reimbursement for actual and necessary expenses incurred in 25 the performance of their duties; and be it further 26 RESOLVED, That a report and suggested legislative 27 initiatives of the Public Investor Task Force shall be 28 submitted to the Illinois General Assembly by December 31, 29 1997.