IL HR0576

Urges Congress to pass legislation supporting community banks that did not receive TARP (Troubled Asset Relief Program) funds during the financial crisis

Requests tax relief allowing affected banks to carry back losses 5 years instead of the current 2-year allowance for losses related to government-sponsored enterprise investments

Addresses disparity where large banks received TARP funding while smaller community banks faced significant losses from highly-rated government-sponsored enterprise investments that declined during the economic downturn

Recognizes community banks' role in local lending, housing recovery, and philanthropic activities that are constrained by lack of capital

Directs the Illinois House to distribute copies of this resolution to each member of the Illinois congressional delegation