Illinois Treasurer Alexi Giannoulias is threatening banks that fail to invest in their communities. He says financial institutions will have to sign a pledge before they can receive state deposits. Giannoulias says banks must promise to make small business loans, and work to prevent home foreclosures.It is noted that Illinois has more than $1 billion in the state's banks & credit unions.
GIANNOULIAS: I do think there's a lot of potential for future legislation to put even more stringent requirements. But this is, what we think is a reasonable first step. We don't want banks to lose even more money we just want them to pay attention to their communities.
Another article of note
- Giannoulias needs to work harder to be a good state treasurer - Ray Hanania
- Alexi Takes on Banks - Illinipundit.com
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