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1
HOUSE JOINT RESOLUTION

 
2    WHEREAS, The banking crisis in the United States is
3continuing as exemplified by the fraudulent practices of Wells
4Fargo Bank and others; the ongoing criminal actions of JP
5Morgan Chase, Citibank, HSBC, and other "too-big-to-fail"
6banks have resulted in billions of dollars in fines; and yet,
7the federally insured banks still have over $250 trillion of
8derivative securities on their books, the same securities that
9blew up the economy in 2008; and
 
10    WHEREAS, The financial crisis is being driven by a collapse
11of our nation's industry and infrastructure, gross domestic
12product has been expanding at an anemic rate of 1-2% per year
13for nearly a decade, and productivity has been growing at an
14even lower .5%; and
 
15    WHEREAS, A return to a durable industrial recovery will
16require adoption of national banking policies as the first
17Secretary of the Treasury, Alexander Hamilton, and Presidents,
18John Quincy Adams, Abraham Lincoln, and Franklin D. Roosevelt
19adopted during their administrations; federal credit to
20industry, states, and cities built the nation's economy; a new
21national bank could invest trillions of dollars into our
22infrastructure, creating millions of new jobs and increasing
23productivity of the nation; and
 

 

 

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1    WHEREAS, During the 114th Congress (2015-2016), the House
2of Representatives introduced the "Return to Prudent Banking
3Act of 2015" (HR 381), and the Senate introduced the "21st
4Century Glass Steagall Act of 2015" (S.B. 1709), both intended
5to restore the separation of investment and commercial banking;
6neither reached a vote; therefore, be it
 
7    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE
8HUNDREDTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, THE SENATE
9CONCURRING HEREIN, that we urge the United States Congress to
10immediately adopt the "American Recovery Program" with the
11following objectives:
12        (1) To pass legislation of a similar nature to those
13    introduced in the 114th Congress restoring the provisions
14    of the Glass-Steagall Act; Glass-Steagall was law for 66
15    years and prevented the kind of collapse that hit the U.S.
16    in 2008; the Illinois General Assembly was one of 15 state
17    legislatures to file Glass-Steagall resolutions in 2016,
18    (HR1093); and Glass-Steagall was added to the platform of
19    the 2016 Democratic and Republican national conventions;
20    and
21        (2) Return to a national banking and a federal credit
22    system modeled on the principles of Alexander Hamilton's
23    First Bank of the United States, which built all of the
24    early infrastructure of the nation; President Abraham

 

 

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1    Lincoln was a leading advocate for a new national bank and
2    used the Greenback policy to build the industrial might of
3    the nation; the same credit policy was embodied in
4    President Franklin D. Roosevelt's Reconstruction Finance
5    Corporation (RFC), which financed the gigantic New Deal
6    infrastructure program, the Civilian Conservation Corps
7    (CCC), which proved to be one of the best public-works
8    programs ever funded by the U.S. government; in Illinois,
9    the CCC planted thousands of trees, installed telephone
10    lines, and built recreational areas, picnic facilities,
11    impoundments, roads, and trails; Illinois CCC projects
12    include the Belle Smith Springs Recreation Area, Shawnee
13    Pounds Hollow Recreation Area, and the New Salem Village; a
14    new national bank can be capitalized at one to two trillion
15    dollars with non-taxpayer money and can fund a new
16    infrastructure program; and
17        (3) Use the federal credit system to build a modern
18    network of high-speed rail, power generating systems, and
19    water projects, such as those urgently needed in the
20    Southwest; high-speed passenger and freight lines could
21    alter the entire Western United States; and
22        (4) Rebuild our space program, beginning with
23    industrial development of the moon, explore the solar
24    system, and inspire future generations; and launch a crash
25    program to develop fusion power as key to solving the
26    energy problems for the long term; therefore, be it
 

 

 

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1    RESOLVED, That suitable copies of this resolution be
2delivered to the Speaker of the House of Representatives, the
3Majority Leader of the Senate, and the members of the Illinois
4Congressional Delegation.