HR0006 Summary

• Creates the Return Illinois To Prosperity Commission to review and evaluate the creation of an Illinois State Bank.

• Commission membership includes 2 General Assembly members and 2 public members appointed by the Speaker, 2 General Assembly members and 2 public members appointed by the Minority Leader, plus the Governor, State Treasurer, Director of Commerce and Economic Opportunity, Director of Financial Institutions, and Director of Revenue (or their designees).

• Proposed Illinois State Bank would purchase/guarantee loans, provide secondary market for mortgages, make participation loans with community banks, serve as correspondent banker to Illinois chartered banks, and issue bank stock loans.

• Commission must consider the Bank's mission to increase capital access for agriculture and businesses, provide financial sector stability without competing with community banks, reduce state banking costs, and return profits to the General Revenue Fund.

• Commission shall report findings and recommendations to the General Assembly and Governor by December 31, 2015, including analysis of the Bank of North Dakota, other state banks, and projected costs and revenues of an Illinois State Bank.