Bill Text: IL HR0006 | 2015-2016 | 99th General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Creates the Return Illinois To Prosperity Commission. Provides that the Commission shall review and evaluate the creation of an Illinois State Bank, and specifies the criteria to be used by the Commission. Provides for the membership of the Commission, and that members shall serve without compensation. Provides that the Commission shall report its findings to the General Assembly and the Governor on or before December 31, 2015.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2015-05-30 - Resolution Adopted as Amended 062-047-000 [HR0006 Detail]

Download: Illinois-2015-HR0006-Introduced.html

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HOUSE RESOLUTION
WHEREAS, The State of Illinois has an interest in
encouraging and promoting the development of agriculture,
commerce, and industry, for the benefit of all Illinois
residents; and
WHEREAS, Access to credit, guided by sound lending policies
tailored to Illinois' unique natural resources and
infrastructure, and its position within the national and world
economies, is essential to the growth of all sectors of the
Illinois economy; and
WHEREAS, In addition to the role of private lenders in
restoring prosperity to Illinois, there is also a role for
government to play in the revitalization of all sectors of the
Illinois economy; therefore, be it
RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
NINETY-NINTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
there is created the Return Illinois To Prosperity Commission;
and be it further
RESOLVED, That the Return Illinois To Prosperity
Commission (Commission) shall be composed of the following
voting members:

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Two members of the General Assembly, one of whom shall
serve as chair of the Commission, and 2 members of the
public knowledgeable about the State's banking sector and
economy, appointed by the Speaker of the House of
Representatives;
Two members of the General Assembly and 2 members of
the public knowledgeable about the State's banking sector
and economy, appointed by the Minority Leader of the House
of Representatives;
The Governor, or his or her designee; the State
Treasurer, or his or her designee; the Director of the
Department of Commerce and Economic Opportunity, or his or
her designee; the Director of the Division of Financial
Institutions within the Department of Financial and
Professional Regulations, or his or her designee; and the
Director of the Department of Revenue, or his or her
designee; and be it further
RESOLVED, That the members of the Commission shall serve
without compensation, but may be reimbursed for actual expenses
from funds appropriated for that purpose; and be it further
RESOLVED, That the chair of the Commission, in his or her
discretion, may appoint, as additional non-voting members of
the Commission, representatives of units of local government,
experts in public finance or the Illinois economy, and other

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interested parties; and be it further
RESOLVED, That the Commission shall review and evaluate the
creation of an Illinois State Bank that would:
(1) purchase, guarantee, or hold loans made by
community banks, credit unions or other financial
institutions doing business in Illinois;
(2) provide a secondary market for residential loans
and mortgages, and other loans, made by financial
institutions doing business in Illinois;
(3) make loans in the form of participation loans with
Illinois community banks to qualified individuals and
businesses residing in or doing business in Illinois when
the originator of the loan is a community bank, credit
union, or other financial institution;
(4) serve as a banker's bank for Illinois chartered
banks by providing correspondent banking services and
other related services in keeping with its mission;
(5) accept deposits related to such transactions from
banks and other financial institutions; and
(6) be authorized to issue bank stock loans to Illinois
chartered banks; and be it further
RESOLVED, That in making its review and evaluation, the
Commission shall consider that the mission of an Illinois State
Bank would include:

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(1) supporting the economic development of the State by
increasing access to capital for agriculture, businesses,
and industry within the State in partnership with local
financial institutions;
(2) providing stability to the local financial sector
without entering into competition with community banks,
credit unions, or other financial institutions;
(3) reducing the costs paid by the State for basic
banking services; and
(4) returning profits, beyond those necessary to
accomplish the mission and sound operations of the Bank, to
the General Revenue Fund of the State; and be it further
RESOLVED, That in making its review and evaluation, the
Commission shall consider relevant factors to its mission,
including, but not limited to:
(1) the operation and impact of the Bank of North
Dakota;
(2) whether other states have state banks or are
currently considering the creation of a state bank;
(3) the effectiveness and usefulness of existing state
banks, with specific attention to the economic impact of
having a state bank;
(4) determine the costs and revenues associated with
the Bank of North Dakota and any other existing state
banks;

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(5) estimate the short-term operating costs and
projected revenues of an Illinois State Bank; and
(6) examine the long-term impact on the economy, job
creation, and state revenue of having a state bank; and be
it further
RESOLVED, That the Commission shall make its report to the
General Assembly and the Governor on or before December 31,
2015; the report of the Commission shall detail those findings
and recommendations supported by a majority of the voting
members.