2017

SPRINGFIELD — Illinois State Treasurer Michael Frerichs issued the following statement after Moody’s Investors Service issued more credit downgrades for Illinois: “Two credit downgrades in 24 hours further underscores the need for a full, balanced budget,” Frerichs said. “My warnings were ignored and credit agencies have responded. We need a bipartisan budget now to end this crisis.” Following today’s credit downgrades from S & P Global Ratings, Moody’s Investors Service today lowered the rating on the State of Illinois’ general obligation (GO) bonds to Baa3 from Baa2. In a news…

SPRINGFIELD — Illinois Treasurer Michael Frerichs today called on Gov. Bruce Rauner to sign legislation that would prohibit companies that establish ownership outside the United States specifically to avoid state and federal taxes from doing business with state agencies. The new ownership arrangements often are referred to as expatriated companies. “We must stand up against companies that engage in elaborate restructuring schemes to avoid paying their fair share of state and federal taxes,” said Frerichs. “These tax avoidance schemes are shifting billions of dollars onto law-abiding citizens and businesses. Companies…

About the Illinois Treasurer The Illinois Treasurer is the state’s chief investment officer and Frerichs is a Certified Public Finance Officer. He protects consumers by encouraging savings plans for college or trade school, increasing financial education among all ages, and removing barriers to a secure retirement. As portfolio includes $13 billion in state funds, $7 billion in college savings plans and $5 billion on behalf of local and state governments. The investment approach is cautious to ensure the preservation of capital and returns $28 to the state for every $1…

SPRINGFIELD — President Donald Trump this week authorized new rules that will hurt workers and small business owners while worsening the retirement crisis facing millions of Americans, Illinois Treasurer Michael Frerichs said today. President Trump’s rejection of the commonsense approach that encouraged workers to save their own money while at the same time protecting employers from lawsuits about how those retirement savings are invested needlessly injects uncertainty into the employer community and will invite frivolous lawsuits, Frerichs said. “President Trump chose to ignore workers and the small business owners who…

SPRINGFIELD — State Treasurer Michael Frerichs today urged Gov. Rauner to suspend his campaign and initiate meaningful budget negotiations or risk plunging the state into junk bond status. Illinois has incurred six credit downgrades since Rauner became governor because Illinois has gone two years without a spending plan and has a $12 billion bill backlog. Moody’s Investment Services warns of another credit downgrade if the Governor and General Assembly do not strike an agreement by May 31. “If we do not have a budget at the end of this month,…