IVCA Provides Updates for State Legislative Issues – 10/9/2024
Illinois Venture Capital Association Illinois Legislative Report
David Stricklin / Stricklin & Associates
Wednesday, October 9, 2024
CPS AND CITY HALL TAKE CENTER STAGE
Elected officials are debating each other on social media and questions of a state takeover are being raised amidst the political hurricane which is the power struggle for control of the future of the Chicago Public School system. A key question for state lawmakers is what role they are willing to accept and what financial resources go along with that role.
State Rep. Curtis Tarver, D-Chicago, said the political turmoil would undermine the case Johnson hopes to make for additional state funding for CPS.Johnson has argued repeatedly and emphatically that the state “owes” CPS more than $1.1 billion. “Everyone wants to help children, but I don’t think anyone wants to help him — given his lack of leadership,” Tarver said. “I don’t believe he has four city legislators that are willing to give him, give CPS any money, and I doubt that he has anybody outside of the city of Chicago who wanted to do so, and primarily because there’s been no plan put forth about what they would do with the money.”
CRAINS – MAYOR ROLLS DICE ON CPS BOARD
Johnson and the CTU consider that viewpoint treason. By all indications, they want to create a financial crisis at CPS, a crisis that they can use to pressure lawmakers and Gov. J.B. Pritzker into writing the schools system a billion-dollar bailout check.
The pressure almost certainly won’t work. Writing CPS a check also will require writing big checks to suburban and downstate schools — and quite possibly a state income tax hike to pay for it all. But with lots of flowery language about how poor minority kids are being cheated of a decent education — and few words about how teachers who now make an average of almost $100,000 a year are demanding a 9% minimum wage hike for each of the next three years and a shorter instructional day in their new contract — the CTU and Johnson are persisting.
TRIAL OF FORMER SPEAKER MADIGAN BEGINS
The individual who without much question was more powerful and influential than any former governor, mayor, or any other elected official in Illinois is now on trial in a federal courthouse on public corruption charges. Former Illinois House Speaker Michael J. Madigan is charged by the federal government of using his position for personal gain. Governors, state legislators, aldermen, and public officials of various other stations have been on trial before, however this case will capture the attention of the political class at least more than any other.
Madigan is accused of leading a criminal enterprise for nearly a decade, designed to enhance his political powerand generate income for his allies and associates. Michael McClain, his longtime friend and confidant, is accused of acting as an agent of that enterprise.
JURORS TAKE THIER PLACE IN TRIAL OF FORMER SPEAKER
PROTESTORS CROSS THE LINE AT HOME OF STATE TREASURER
Illinois State Treasurer Michael Frerichs’ house was vandalized, and he was targeted by protestors last week:
According to the treasurer, the group of pro-Palestinian protesters were demonstrating against his office’s decision to invest in companies with ties to Israel. The group also protested at a fundraiser that was held on behalf of Frerichs’ reelection campaign, but the demonstration then resumed near his home in the wee hours of Tuesday morning. Frerichs said that his office has invested $120 million in Israel bonds, arguing that they are “sound financial decisions” for the state. He also indicated that his predecessors in the treasurer’s office also made similar decisions. “We made these investments because these bonds get a good return. They’ve never defaulted in 70 plus years, and they diversify our portfolio,” he said. “We will continue to make sound financial decisions on investments, not respond to bullying and intimidation.”
TREASURER’S HOME HIT BY PROTESTORS
NEWS AND NOTES
Governor JB Pritzker and an entourage of 25 or so are in Japan on a trade mission. The group includes Illinois House Speaker Chris Welch and Senate President Don Harmon, along with leaders of business development groups and CEOs of prominent Illinois companies.
Trends in Illinois finances for September: