SPRINGFIELD (HOI) – Illinois Treasurer Michael Frerichs has been in office since 2015. During that time as the head finance expert in the state he has earned more than $1 billion for state investments.
To put it in visual terms, Frerichs said $1 billion is the equivalent of funding 330 miles of new highways in the state. Frerichs is the first treasurer for the State of Illinois to reach the $1 billion threshold since Judy Barr Topinka in 1999.
Frerichs attributed his success to state lawmakers taking a bipartisan approach to investing and adopting more modern methods of earning money for the state. Frerichs gave the example that "lawmakers regulate what investments are possible and which are prohibited. For example, purchasing individual stocks in the state portfolio is not allowed."
Changes in legislature have allowed Frerichs to invest the state’s funds into public sector bonds and highly rated corporate bonds. Some of these bonds come from well-known companies like Caterpillar, Deere & Co, and Pfizer.
The overall state portfolio is currently at $17 billion.
"Working with lawmakers from both parties we have the tools to execute smart and sound investment strategies that benefit taxpayers through greater investment returns," explained Frerichs.
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March 15, 2021 at 09:31PM