Bill Text: IL SR2418 | 2015-2016 | 99th General Assembly | Introduced

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Bill Title: Urges the United States Congress to immediately adopt an "American Recovery" program by restoring the provisions of the Glass Steagall Act; returning to a national banking and a federal credit system, modeled on the principles of Alexander Hamilton's First Bank of the United States; and using the federal credit system to build a modern network of high speed rail, power generating systems, and water projects.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-11-16 - Referred to Assignments [SR2418 Detail]

Download: Illinois-2015-SR2418-Introduced.html

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SENATE RESOLUTION
WHEREAS, The prices of commodities - from oil and copper to
coffee and corn - have declined by 10-70% per commodity over
the past year as measured in the Dow Jones and Bloomberg
Commodity Indices; the price of oil has fallen 70%; this price
collapse is now creating a new crisis; and
WHEREAS, The collapse of commodity prices is the new
"subprime mortgage" crisis of 2016; the commodities and their
related financial paper are tied to a $300 trillion derivatives
bubble in the major banks and other companies in the U.S., and
far more internationally; it was the derivatives meltdown that
set off the 2008 financial collapse; and
WHEREAS, This new financial crisis is being driven by a
collapse of our industry and infrastructure; November and
December, 2015, U.S. Commerce Department durable goods orders
fell by 1.1% and 5.1% respectively; mass layoffs are
increasing, highlighted by the announcement of 10,000 layoffs
at Caterpillar and 200,000 layoffs in the oil fields; the
Institute for Supply Management Manufacturing Index has
contracted for 4 straight months nationwide; and
WHEREAS, A return to a durable recovery will require
adoption of national credit and national banking policies as

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was done by Alexander Hamilton, John Quincy Adams, Abraham
Lincoln, Franklin D. Roosevelt, Dwight Eisenhower, and John F.
Kennedy; the program of federal credit to industry, states and
cities built the industry and agriculture of our nation; and
WHEREAS, National credit, under this Constitutional
program, can be made available for the creation of productive
jobs in infrastructure, manufacturing, and high technology
projects, thus creating mass employment for our now heavily
unemployed and underemployed workforce, especially young
people; therefore, be it
RESOLVED, BY THE SENATE OF THE NINETY-NINTH GENERAL
ASSEMBLY OF THE STATE OF ILLINOIS, that we urge the United
States Congress to immediately adopt the "American Recovery"
program by doing the following:
1) Restore the provisions of the Glass Steagall Act, and
pass HR. 381 in the U.S. House of Representatives and S.
1709 in the U.S. Senate, which aim to immediately restore
the separation of investment and commercial banking;
Glass-Steagall in the U.S. House has 4 Illinois
Congresspersons co-sponsoring, and was law for 66 years; it
prevented banking crises like the one experienced in 2008;
2) Return to a national banking and a federal credit

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system, modeled on the principles of Alexander Hamilton's
First Bank of the United States, which built all the
infrastructure of the nation for the first 40 years; it was
reinstituted as Illinois native son Abraham Lincoln's
National Banking-Greenback policy that built everything
from railroads to steel mills; Lincoln was the architect of
the Transcontinental Rail System that built America, and as
a State Legislator he was a leading sponsor of internal
improvements and water projects here in Illinois;
nationally, Lincoln was a leading advocate for a new
National Bank; the same credit policy was embodied in
Franklin Roosevelt's Reconstruction Finance Corporation,
which financed the New Deal infrastructure program; for
example the Works Progress Administration was financed by
RFC and employed tens of thousands of Chicagoans of all
ethnic backgrounds in productive jobs; Ronald Reagan's
father, Jack, was the director of the Works Progress
Administration in Peoria;
3) Use the federal credit system to build a modern network
of high speed rail, power generating systems, water
projects, such as those urgently needed in the Southwest
and cities like Flint, Michigan; Chicago; Philadelphia;
and others nationwide; and other critical programs; and
RESOLVED, That suitable copies of this resolution be

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delivered to President Barack Obama, U.S. Speaker of the House
Paul Ryan, U.S. Senate Majority Leader Mitch McConnell, and all
members of the Illinois Congressional Delegation.