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91_SR0121
SRS91SR0018PWch
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
6 RESOLVED, BY THE SENATE OF THE NINETY-FIRST GENERAL
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.