2017

SPRINGFIELD — As Facebook, Google, and Twitter testify before Congress today about their role in Russian election interference, Illinois State Treasurer Michael Frerichs announced that he and fellow investors filed a shareholder proposal demanding that Facebook disclose information on its oversight and policies to stop the spread of fake news, election meddling, and hate speech. “Facebook can no longer keep its investors and the American public in the dark,” Frerichs said. “Americans need to know what Facebook is doing to protect the public from fake news and election interference, and…

SPRINGFIELD — “Thank you to the Illinois House of Representatives for siding with grieving families and overriding Governor Bruce Rauner’s amendatory veto of House Bill 302. For decades, greedy life insurance companies have gotten away with using loopholes to pad their bottom line by avoiding paying grieving families. Today’s action is a major step forward to help put a stop to this trend and require life insurance companies to pay what is owed to beneficiaries dating back to 2000.” “I want to offer a special thanks to the House sponsor,…

CHICAGO — Illinois Treasurer Michael Frerichs today announced that Illinois’ Bright Start College Savings Program is now, for the first time in history, a Gold-rated program, according to Morningstar. Morningstar, which evaluates and rates college savings plans, released its results Tuesday, rating Bright Start a “Gold-Rated Fund”. According to Morningstar, Bright Start is one of the four highest rated plans in the country. “We are always looking for ways to improve our 529 programs and make them the best in the country,” Treasurer Frerichs said. “Over the last two years,…

SPRINGFIELD — As Illinois lawmakers consider an override of Governor Bruce Rauner’s amendatory veto of House Bill 302, Chicago-based Kemper Corporation still refuses to allow an audit to confirm it is paying death benefits owed to Illinois residents. Illinois State Treasurer Michael Frerichs today resumed litigation in a Sangamon County court to force the examination of Kemper’s books. In November 2015, three companies, which are part of Kemper, sued Frerichs to challenge his authority to perform audits. The lawsuit by Kemper was withdrawn earlier this year, but the issue remains…

SPRINGFIELD — Illinois State Treasurer Michael Frerichs today applauded Gov. Rauner’s decision to finally agree to refinance debt that carried a staggering 12 percent interest rate. “Gov. Rauner finally made a good decision. It is frustrating to know that his delay likely cost taxpayers $62 million in interest payments,” Frerichs said. Illinois’ $15 billion bill backlog borrows money from unwilling lenders because it does not pay vendors. These unpaid bills accrue interest rates as high as 12 percent. The interest payments alone equate to $2 million each day. Gov. Rauner’s…