Home Foreclosures | Savings | Healthcare | College Savings
Transparency in Government | Government Ethics

Click on the HB (House Bill) number or SB (Senate Bill) number to view further details and status of the legislation on the Illinois General Assembly website.

Home Foreclosures

HB 2362 / Yarbrough (D-Broadview)
Foreclosure filings in Illinois rose 55 percent in 2006, growing faster than the national increase of 42 percent. There were 72,455 foreclosure filings in Illinois in 2006. Many of these foreclosures were due to the impact of adjustable rate, subprime mortgages. The legislation would expand the Treasurer’s Our Own Home Program, enabling the Treasurer’s Office to refinance mortgages before they miss a payment and face foreclosure proceedings. “There have been far too many foreclosures in Illinois already,” Giannoulias said. “Illinois needs to prevent the kind of predatory lending that sets homebuyers up for failure, but my office can at least help homeowners before they are in danger of losing their homes.”

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Savings

HJR 51 / Colvin (D-Chicago)
Nationally, one in five families have a negative net worth; about one-third of low-income households and more than one-tenth of moderate-income households report having no financial assets at all. HJR 51 urges the members of the Illinois congressional delegation to give full consideration to the passage of the federal Savings for Working Families Act as presented in the US House. “The Savings for Working Families Act would help lower-wage workers and their families achieve financial independence,” Giannoulias said. “IDAs provide working Americans with strong incentives to build assets, receive financial education and access to basic banking services that they normally would not have,” he added. “IDAs help families save their way out of poverty and move towards long-term prosperity.”

HB 1662 / Colvin (D-Chicago)
This bill creates a task force charged with finding a way to start a savings account at birth for every child born in Illinois to Illinois residents. It was signed into law by the governor on Aug. 23, 2007.

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Healthcare

HB 3397 / Davis (D-Hazel Crest)
Under Illinois law, the state must balance its budget each year. But the State Finance Act allows the state to delay paying bills owed to healthcare providers in the fiscal year that the liability was incurred. As a result, the state has routinely delayed making these payments until the next fiscal year. HB 3397, drafted by Comptroller Dan Hynes, would force the state to pay the full amount owed to healthcare providers in the fiscal year that the bills are due. “Doctors and pharmacists should be working as our allies to solve the healthcare crisis,” Giannoulias said. “Instead they’re worried about their own financial situation because the state has placed an unfair burden on them. Healthcare workers need to know that they will get paid on time so that they can focus their attention on patients’ needs.”

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College Savings

SB 519 / Clayborne (D-East St. Louis)
This legislation offers a tax credit to employers who match their employees’ contributions to College Illinois, the Bright Start College Savings Program or Bright Directions, all of which are qualified college savings (529) plans.

HB 376 / Franks (D-Woodstock)
Illinois is one of two states that impose a 3 percent tax on the earnings state residents receive from out-of-state college savings (529) plans. HB 376 eliminates this tax penalty so Illinois consumers are free to invest in plans that earn them the most money. “This bill is a win-win for consumers,” Giannoulias said. “We should not punish Illinois residents because they want to get the most out of their hard-earned money. Illinois should attract participants because it’s the best in the country, not because investors will get penalized if they go elsewhere.”

The bill passed in the Senate (56-0) on May 23, 2007, and in the House (113-0) in February. It was signed into law by the governor on Aug. 3, 2007 and immediately took effect.

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Transparency in Government

SB 321 / Harmon (D-Oak Park)
The public needs to easily access information about the function and performance of government. The Treasurer’s Office is responsible for investing $14 billion. HB 824 and SB 321 require the Treasurer’s Office to post information on its website that shows: how much money the office is holding; where the state’s money is invested; how much the state is making on its investments; how the state’s returns compare to industry standards known as benchmarks; and projections of investment returns. “This legislation will allow taxpayers to hold my administration and future administrations accountable for making the best possible investment decisions for the people of Illinois,” Giannoulias said.

This bill was signed into law by the Governor on Aug. 17, 2007 and immediately took effect.

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Government Ethics

HB 1 / Fritchey (D-Chicago)
Elected officials all have an equally important task when it comes to acting in a manner that preserves the integrity and public trust of state government. Illinois should take steps to eliminate the possibility -- and even the perception -- that its constitutional officers would receive political contributions in exchange for political favors. HB 1, promoted by Comptroller Dan Hynes and the Illinois Campaign for Political Reform, requires the disclosure of campaign contributions over $500 during the prior two years for contracts valued at $10,000, and prohibits campaign contributions to executive officers’ political committees with any contractor that receives more than $25,000 a year. “As elected officials we can’t stand by and let the deck be stacked in favor of political contributors,” Giannoulias said. “It fuels corruption and breeds public cynicism. Taxpayers end up paying in the long run. HB 1 is comprised of commonsense measures that take big steps toward detaching politics from government and restoring public confidence in our elected officials.”

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