Bill Text: IL HR1091 | 2017-2018 | 100th General Assembly | Introduced
Bill Title: Urges the United States Congress and President Donald Trump to pass the Federal Reserve Transparency Act of 2017.
Spectrum: Partisan Bill (Republican 3-0)
Status: (Failed) 2019-01-08 - Session Sine Die [HR1091 Detail]
Download: Illinois-2017-HR1091-Introduced.html
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1 | HOUSE RESOLUTION
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2 | WHEREAS, The Illinois House of Representatives believes | ||||||
3 | that the actions of the Federal Reserve impact every citizen in | ||||||
4 | the United States, not just Illinois; and
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5 | WHEREAS, An important component of a strong economy is | ||||||
6 | maintaining a transparent one; and
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7 | WHEREAS, For nearly ten years, members of the United States | ||||||
8 | Congress have introduced the Federal Reserve Transparency Act, | ||||||
9 | which calls for the United States government to audit the | ||||||
10 | Federal Reserve; and
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11 | WHEREAS, The Federal Reserve is a large force in the United | ||||||
12 | States and global economy that has largely gone unchecked for | ||||||
13 | decades; and
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14 | WHEREAS, The Reserve maintains nearly $1.6 trillion in | ||||||
15 | circulation at any given time; in fiscal year 2018, the Board | ||||||
16 | of Governors of the Federal Reserve submitted an order for | ||||||
17 | approximately 7.4 billion Federal Reserve notes, valued at more | ||||||
18 | than $233 billion; and
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19 | WHEREAS, The Federal Reserve is able to enact policies that | ||||||
20 | can affect Americans far more than tax law and fiscal plans and |
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1 | can cost the citizens of the United States trillions of dollars | ||||||
2 | by keeping interest rates artificially low and making | ||||||
3 | destructive investments that can result in housing, market, and | ||||||
4 | employment slumps; and
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5 | WHEREAS, The Fed was created by the United States Congress | ||||||
6 | in 1913 as a means to centrally control the monetary system of | ||||||
7 | the United States in order to avoid financial crises, but | ||||||
8 | current law does not allow for Congress to audit the Fed's | ||||||
9 | monetary policies; and
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10 | WHEREAS, While many believe that the Dodd-Frank Act of 2010 | ||||||
11 | mandated a Federal Reserve audit, the Act only applied to | ||||||
12 | emergency credit facilities and procedures, rather than | ||||||
13 | substantive transaction details; and
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14 | WHEREAS, The original Federal Reserve Transparency Act was | ||||||
15 | introduced in 2009 in response to the 2008 financial crisis, | ||||||
16 | where it was never called for a vote in the House of | ||||||
17 | Representatives; and
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18 | WHEREAS, On January 3, 2017, Senator Rand Paul introduced | ||||||
19 | the fifth iteration of the Federal Reserve Transparency Act, | ||||||
20 | which has never been heard in the Senate Banking, Housing, and | ||||||
21 | Urban Affairs Committee, despite being assigned for over one | ||||||
22 | year; therefore, be it
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1 | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE | ||||||
2 | HUNDREDTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we | ||||||
3 | urge the United States Congress and President Donald Trump to | ||||||
4 | pass the Federal Reserve Transparency Act of 2017; and be it | ||||||
5 | further
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6 | RESOLVED, That suitable copies of this resolution be | ||||||
7 | delivered to President Donald Trump, U.S. Senate Majority | ||||||
8 | Leader Mitch McConnell, U.S. Senate Minority Leader Chuck | ||||||
9 | Schumer, U.S. Speaker of the House of Representatives, Paul | ||||||
10 | Ryan, U.S. House of Representatives Minority Leader Nancy | ||||||
11 | Pelosi, and all members of the Illinois Congressional | ||||||
12 | Delegation.
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