I support the passage of HB 2064 "The Community Bank of Illinois Act." This bill will create an Illinois state bank much like the Bank of North Dakota (see http://banknd.nd.gov).
The Bank of North Dakota has been at the center of that state's economic success (see http://tinyurl.com/YES-Magazine-NDSB).
Today, the State of Illinois deposits billions of our tax dollars into the same “Too Big To Fail” banks that crashed our economy. I think that we should put that money to work for us and create jobs here in Illinois.
Illinois still has 10% unemployment, record numbers of home foreclosures while the big banks still refuse to lend to local business (except at outrageous rates) or give relief to home owners while they sit on billions of dollars of profits. The Illinois state bank is a practical solution designed to get credit flowing to small businesses and family farmers so they can grow, start hiring once again. A state bank will be a ready lender to homeowners and stop the rush to foreclose. A state bank will also be able create affordable student loans that will not cripple our young people with mountains of debt upon graduation.
It's OUR money. Let's keep it in Illinois and make it work for us. I want Illinois to create a state bank to make this happen.

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