Illinois State Treasurer’s Office News Releases

SPRINGFIELD — Illinois Treasurer Michael Frerichs today called for an override of Governor Bruce Rauner’s veto of House Bill 3419 that would prohibit companies that engage in schemes to establish ownership outside the United States specifically to avoid state and federal taxes from doing business with state agencies. These companies are often referred to as expatriated entities or corporate inversions. “Governor Rauner’s veto sends the wrong message to American corporations that engage in off- shore tax avoidance schemes,” Frerichs said. “Companies that use these unfair tactics to shift taxes onto…

CHICAGO — The Illinois State Treasurer’s office has partnered with The Chicago Lighthouse to provide customer support for the state’s electronic banking and payment services, state Treasurer Michael Frerichs said today. The partnership ensures excellent customer service for individuals and units of local government using the state’s ePAY services while supporting an organization that provides employment and job training for Veterans and people who are blind, visually impaired and disabled. “This is an investment in people and in the power of possible,” Frerichs said. “For more than a century, The…

CHICAGO — As the state’s chief investment officer, Illinois State Treasurer Michael Frerichs today urged Gov. Bruce Rauner to act on the authority given to him and refinance the nearly $15 billion bill backlog. The backlog, which has tripled since the Governor took office, represents loans from unwilling employers doing business with the state at the outrageous interest rate of 12 percent. “There is not a financial advisor worth his salt who would urge a family to keep a 12 percent loan when better interest rates are available,” Frerichs said.…