IL HB4557

Creates the Public Bank Task Force to study the feasibility of establishing a state-owned public bank for Illinois providing retail, commercial, and investment banking services.

Task Force shall develop a mission statement, viable business plan, governance structure, and capitalization recommendations for the proposed state bank by September 30, 2023.

Task Force membership consists of 16 members appointed by July 1, 2022, including legislative leaders, state officials, and representatives from organized labor, nonprofits, and municipal government; members serve without compensation.

Task Force shall hold monthly meetings beginning October 1, 2022 through June 30, 2023 (nine total meetings), with at least 3 meetings open to public testimony.

Task Force is dissolved and the Act is repealed on September 30, 2024; report findings must be written by an independent authority with subject matter expertise.