Giannoulias' transparency bill signed
Makes benchmarking and forecasting information available to the public

August 17, 2007

Legislation drafted by State Treasurer Alexi Giannoulias that requires his office to make investment information available to the public was signed into law today by Gov. Rod Blagojevich.

The legislation requires the Treasurer’s Office to provide monthly investment updates on its website showing: the amount of money the office is holding; where that money is invested; how much money the state is making on its investments; and how the state’s returns compare to industry standards known as benchmarks.

“Illinois citizens can now hold me and future State Treasurers more accountable for making the best possible investment decisions for the people of Illinois,” Giannoulias said. “It’s something that is long overdue. Shining a light on the state’s investments is not only an essential obligation of this office; it will help future administrations make the best possible investments.”

The Treasurer’s Office will also report a detailed listing of the time deposit balances. This information will include the name of the financial institution and the rate the financial institution is giving the state.

The bill, sponsored by State Sen. Don Harmon (D-Oak Park) and State Rep. Brandon Phelps (D-Harrisburg), passed both the Illinois House and Senate unanimously earlier this year.

The Treasurer’s Office already posts all required information online. To find more information about the state’s portfolio, visit www.treasurer.il.gov and follow the “investment news” link.

  
     
 
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