State of Illinois
91st General Assembly

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 1                          SENATE RESOLUTION

 2        WHEREAS, the removal of geographic  restrictions  in  the
 3    federal banking laws and in the banking laws of the 50 states
 4    has  created  a  unique opportunity for the consolidation and
 5    merger  of  financial  institutions  and  the  provision   of
 6    financial services and products on a national basis which has
 7    never before existed; and

 8        WHEREAS,  the  economic  strength  and general welfare of
 9    Illinois requires a strong and competitive  banking  industry
10    which  creates  employment,  increases  the  availability  of
11    credit, attracts capital and expands the savings base for the
12    citizens of this State; and

13        WHEREAS,  a  regulatory climate and structure in Illinois
14    for financial institutions must be cognizant of the  need  to
15    compete  nationally,  and  be  of such nature as to encourage
16    banks to locate,  maintain  and  retain  their  main  banking
17    offices  in  Illinois,  yet  not  sacrifice  concerns  for  a
18    competitive    state  with  concerns affecting the safety and
19    soundness of banks and banking decisions  and  regulation  in
20    this State; and

21        WHEREAS,   to   provide   Illinois  with  a  healthy  and
22    competitive  banking   environment   which   will   encourage
23    financial  institutions  to  locate and remain in this State,
24    thereby  creating  jobs  and  economic  growth,  the  General
25    Assembly has  passed  innovative  legislation  known  as  the
26    Banking on Illinois Act; and

27        WHEREAS,  the  Banking  on Illinois Act is an approach to
28    regulation  which  is  imaginative,   forward   looking   and
29    innovative  but in some ways a departure from the traditions,
30    customs, usages and practices  which  have  guided  financial
31    regulation  during the 19th and 20th centuries in this State;
32    and
                            -2-               SRS91SR0018PWch
 1        WHEREAS, additional  and  continuing  monitoring  of  the
 2    innovations  set  in  place by the Banking on Illinois Act is
 3    necessary to enable the  General  Assembly  to  determine  if
 4    corrections  or  adjustments  to Illinois law are prudent and
 5    advisable; therefore, be it

 7    ASSEMBLY  OF  THE STATE OF ILLINOIS, That the Commissioner of
 8    Banks and Real Estate  is directed  to  closely  monitor  the
 9    manner  in  which the banks of this state and of other states
10    respond to and implement the provisions  of  the  Banking  on
11    Illinois  Act, and to report annually to the General Assembly
12    until the Year 2006 the effect which the Banking on  Illinois
13    Act  has  had  upon  the  economic, financial, and employment
14    climate of this state, and that in such reports he make  such
15    recommendations  for  change  or  amendment to the Banking on
16    Illinois Act as  appear  to  him  to  be  wise,  prudent  and
17    advisable.

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