$1 Billion for You
April 2021 Treasurer’s Note by Treasurer Michael Frerichs
There is no doubt that the past year has been challenging.
However, at the treasurer’s office, we have good news: Illinois has surpassed $1 Billion in state investment earnings since I took office.
How did we do it? We worked with the General Assembly to enact commonsense changes and expand the types of investments we can pursue. This collaboration was critical to reaching $1 Billion in investment earnings since 2015. Additionally, the changes potentially help units of local government and some blue chip companies in Illinois.
For example, we convinced lawmakers from both parties to allow the treasurer’s office to invest in secure public sector bonds, such as those issued by school districts to purchase land or erect buildings.
We also convinced Democrats and Republicans to allow investments in highly rated corporate bonds issued by such well-known titans as Caterpillar, Deere & Co., and Pfizer.
We did so because we must continually evaluate how to best serve the citizens of Illinois. Every dollar we earn through investments is a dollar that does not have to be cut from the budget or raised through taxes.
Since 1818, the main job of the Illinois State Treasurer has been investing state tax dollars. Making smart and sound investments might not be glamorous, but it is what we do every day.
There is a lot of pessimism about government, and that is unfortunate. However, not all of the news is bleak and there are good stories to tell.
You might even say 1 Billion of them.
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