Illinois State Treasurer’s Office News Releases

CHICAGO — Illinois’ emerging cannabis industry could collapse if updates are not made to federal and state banking rules that threaten financial institutions with closure if they do business with the cannabis industry, Illinois State Treasurer Michael Frerichs said today. Addressing the outdated banking prohibitions is critical because laws written decades ago to squeeze illegal drug cartels do not reflect today’s reality that 33 states and the District of Columbia now legalize cannabis in some form. The conflict between Illinois law on legal cannabis use and banking regulations has pushed…

JOLIET — Illinois State Treasurer Michael Frerichs today returned a Purple Heart Medal to the family of First Lieutenant Walter B. Ingledew, Jr. who bravely served and was killed in action in Europe during WWII. Accepting the Purple Heart was Barbara Martens, Ingledew’s niece. The reunification of the medal occurred at a ceremony at the Stone City VFW Post 2199 in Joliet. “Returning this Purple Heart to the family of WWII veteran Walter B. Ingledew, Jr. is an incredible honor,” Frerichs said. “We must never forget the sacrifices made by…

SPRINGFIELD — Illinois now has more people saving for their retirement thanks to the Secure Choice Program. Just months after the program launched, more than $1 million in retirement savings has been amassed by approximately 9,000 employees at Illinois businesses that were not previously offering their employees a way to save, Illinois State Treasurer Michael Frerichs announced today. Secure Choice officially launched last fall with the first of three enrollment waves. Wave one included Illinois employers with 500 or more employees that were required to register and auto- enroll their…