HJR0002 Summary

• Creates the Return Illinois To Prosperity Commission to review and evaluate the creation of an Illinois State Bank to support economic development and provide financial services.

• Commission composition includes 4 House members (2 majority, 2 minority), 4 Senate members (2 majority, 2 minority), 8 public members knowledgeable about banking and the economy, and 5 state officials (Governor, State Treasurer, Director of Commerce and Economic Opportunity, Secretary of Financial and Professional Regulation, and Director of Revenue).

• Proposed Illinois State Bank would purchase or guarantee loans from community banks and credit unions, provide secondary markets for residential loans, make participation loans with community banks, serve as a banker's bank, and accept deposits from financial institutions.

• Commission must consider the Bank of North Dakota's operations, existing state banks in other states, projected costs and revenues, and long-term economic impact on job creation and state revenue.

• Commission shall submit its report with findings and recommendations to the General Assembly and Governor by December 31, 2019.