Illinois State Treasurer’s Office News Releases

CHICAGO — Illinois State Treasurer Michael Frerichs today announced a groundbreaking partnership that brings together 14 states to encourage individuals to invest money on behalf of people with a disability or blindness without jeopardizing their federal disability benefits. Illinois leads the National Achieving a Better Life Experience (ABLE) Alliance, the country’s largest multi-state agreement for these special investment tools that allow for tax-free investment growth when proceeds are spent on qualifying disability-related expenses. Today’s announcement culminates nearly two years of negotiations and additional states also can join the Illinois-led group.…

CHICAGO — The state of Illinois could have earned $8.8 million more in investment income in the fourth quarter of 2016 as a result of the year-long budget impasse, Illinois Treasurer Michael Frerichs said today. “Following yesterday’s state of the state address, we can all agree that the state is in dire need of a full, balanced budget plan that brings fiscal stability to Illinois,” Frerichs said. “Our office continues to maximize returns on our investments, but we could be bringing in millions more in investment income with a sound…

SPRINGFIELD — The availability of medical marijuana in Illinois is in jeopardy depending upon how the President Donald Trump administration approaches the enforcement of marijuana and banking laws, Illinois State Treasurer Michael Frerichs said today. Current federal law prohibits banks from processing money used in the legal marijuana industry, even state-licensed medical marijuana in Illinois. This makes it difficult for businesses to secure loans and restricts customers to cash-only transactions. The legal marijuana industry has operated with limited confidence it will not face criminal prosecution after President Barack Obama’s Justice…