Bill Text: IL SR2439 | 2015-2016 | 99th General Assembly | Introduced
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; using the federal credit system to build a modern network of high speed rail, power generating systems, and water projects; and creating programs to rebuild our space program to put a permanent manned colony on the Moon, explore the solar system, and create nuclear fusion.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2016-11-29 - Referred to Assignments [SR2439 Detail]
Download: Illinois-2015-SR2439-Introduced.html
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1 | SENATE RESOLUTION
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2 | WHEREAS, The prices of commodities - from oil and copper to | ||||||
3 | coffee and corn - have declined by 10-70% per commodity over | ||||||
4 | the past
year as measured in the Dow Jones and Bloomberg | ||||||
5 | Commodity
Indices; the price of oil has fallen 70%; this price | ||||||
6 | collapse is now creating a new crisis; and
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7 | WHEREAS, The collapse of commodity prices is the new | ||||||
8 | "subprime mortgage" crisis of 2016; the
commodities and their | ||||||
9 | related financial paper are tied to a $300 trillion derivatives | ||||||
10 | bubble in the major
banks and other companies in the U.S., and | ||||||
11 | far more internationally; it was the derivatives meltdown
that | ||||||
12 | set off the 2008 financial collapse; and
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13 | WHEREAS, This new financial crisis is being driven by a | ||||||
14 | collapse of our industry and infrastructure; November and | ||||||
15 | December, 2015, U.S. Commerce Department durable goods orders | ||||||
16 | fell by 1.1% and
5.1% respectively; mass layoffs are | ||||||
17 | increasing, highlighted by the announcement of 10,000 layoffs | ||||||
18 | at
Caterpillar and 200,000 layoffs in the oil fields; the | ||||||
19 | Institute for Supply Management Manufacturing
Index has | ||||||
20 | contracted for 4 straight months nationwide; and
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21 | WHEREAS, A return to a durable recovery will require | ||||||
22 | adoption of national credit and national banking
policies as |
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1 | was done by Alexander Hamilton, John Quincy Adams, Abraham | ||||||
2 | Lincoln, Franklin D.
Roosevelt, Dwight Eisenhower, and John F. | ||||||
3 | Kennedy; the program of federal credit to industry, states
and | ||||||
4 | cities built the industry and agriculture of our nation; and
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5 | WHEREAS, National credit, under this Constitutional | ||||||
6 | program, can be made available for the creation of
productive | ||||||
7 | jobs in infrastructure, manufacturing, and high technology | ||||||
8 | projects, thus creating mass
employment for our now heavily | ||||||
9 | unemployed and underemployed workforce, especially young | ||||||
10 | people; therefore, be it
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11 | RESOLVED, BY THE SENATE OF THE NINETY-NINTH GENERAL | ||||||
12 | ASSEMBLY OF THE STATE OF ILLINOIS, that we urge the United | ||||||
13 | States Congress to immediately adopt the "American Recovery" | ||||||
14 | program by doing the following:
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15 | 1) Restore the provisions of the Glass Steagall Act, and | ||||||
16 | pass HR. 381 in the U.S. House of
Representatives and S. | ||||||
17 | 1709 in the U.S. Senate, which aim to immediately restore | ||||||
18 | the separation
of investment and commercial banking; | ||||||
19 | Glass-Steagall in the U.S. House has 4 Illinois
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20 | Congresspersons co-sponsoring, and was law for 66 years; it | ||||||
21 | prevented banking crises like the
one experienced in 2008;
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22 | 2) Return to a national banking and a federal credit |
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1 | system, modeled on the principles of
Alexander Hamilton's | ||||||
2 | First Bank of the United States, which built all the | ||||||
3 | infrastructure of the
nation for the first 40 years; it was | ||||||
4 | reinstituted as Illinois native son Abraham Lincoln's
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5 | National Banking-Greenback policy that built everything | ||||||
6 | from railroads to steel mills; Lincoln
was the architect of | ||||||
7 | the Transcontinental Rail System that built America, and as | ||||||
8 | a State
Legislator he was a leading sponsor of internal | ||||||
9 | improvements and water projects here in Illinois; | ||||||
10 | nationally, Lincoln was a leading advocate for a new | ||||||
11 | National Bank; the same credit policy
was embodied in | ||||||
12 | Franklin Roosevelt's Reconstruction Finance Corporation, | ||||||
13 | which financed the New Deal infrastructure program; for | ||||||
14 | example the Works Progress Administration was
financed by | ||||||
15 | RFC and employed tens of thousands of Chicagoans of all | ||||||
16 | ethnic backgrounds in
productive jobs; Ronald Reagan's | ||||||
17 | father, Jack, was the director of the Works Progress | ||||||
18 | Administration in Peoria;
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19 | 3) Use the federal credit system to build a modern network | ||||||
20 | of high speed rail, power generating
systems, water | ||||||
21 | projects, such as those urgently needed in the Southwest | ||||||
22 | and cities like Flint,
Michigan; Chicago; Philadelphia; | ||||||
23 | and others nationwide; and other critical programs; and
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24 | 4) Launch a program to rebuild our space program to put a |
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1 | permanent manned colony on
the Moon and explore the solar | ||||||
2 | system, and develop a program to
create nuclear fusion, to | ||||||
3 | finally solve the energy needs of the nation and the | ||||||
4 | planet; the
University of Illinois at Urbana-Champaign is | ||||||
5 | actively involved in fusion research; and be it further
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6 | RESOLVED, That suitable copies of this resolution be | ||||||
7 | delivered to President Barack Obama, U.S. Speaker of the House | ||||||
8 | Paul Ryan, U.S. Senate Majority Leader Mitch McConnell, and all | ||||||
9 | members of the Illinois Congressional Delegation.
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