Entries by GRCAdmin

Illinois faces further credit dings and interest rate swap crisis

Adding yet another blow to the moribund finances of Illinois, two major credit rating bureaus, Moody’s and Standard and Poor’s, last week gave the midwestern state another financial downturn; this time to just two levels above junk status, in view of the continued lack of a budget and the growing gulf between Republican Gov. Bruce […]

Monday Marks Second Hearing On Illinois’ Controversial Interest Rate Swaps

An Illinois House committee will hold a second subject matter hearing Monday morning in Chicago on the issue of interest rate swaps. City of Chicago Treasurer Kurt Summers is among those expected to testify before the House Revenue and Finance Committee. Last month, Summers urged three Chicago employee pension funds to consider joining class action lawsuits against banks in an effort […]

Experts Sound Alarm: Wall Street Banks Set to Shakedown Illinois for $870 Million Unless Springfield Acts Fast

Mayor Emanuel Paid Out Hundreds of Millions to Wall Street Banks on Swap Deals that Torpedoed Chicago and CPS budgets, Governor Rauner Urged to Not Repeat Mistake with State Swaps CHICAGO, IL – On Monday, the Illinois House Revenue and Finance Committee held a second subject matter hearing on interest rate swap deals that have […]

The Peoples Agenda, a path to prosperity for all IL families

The House failed to bring the Fair Tax Amendment (HJRCA 59) to a vote, missing the deadline for placing it on the ballot for the upcoming November elections. The Fair Tax amendment, that would have allowed voters to vote on a constitutional amendment to implement a progressive income tax enjoyed massive public support in both Democratic […]

Decatur Residents Demand Illinois Budget with New Revenue

As Budget Impasse Continues, Residents Speak Out on Damage Being Done to Local Community Decatur, IL – On Monday, Decatur residents and elected officials called on officials in Springfield to pass a fair budget that raises new revenue from those who can most afford it, and funds the programs and services that Decatur residents need. […]

Financial Experts and Social Service Providers Challenge State, Municipal, and CPS Payments to Wall Street Banks

Chicago, IL – On Wednesday, a set of financial experts and social service providers gave testimony before the Illinois House Revenue and Finance Committee detailing how Wall Street banks have soaked all levels of government in Illinois for hundreds of millions of dollars through interest rate swaps and other complex financial deals. “In essence the […]

Legislators and Grassroots Leaders Release the People’s Agenda, A People-Focused Alternative to Turnaround Agenda

On the eve of Rauner’s Budget Address, Groups Lays Out New Vision to Put People Back on the Agenda in Illinois State Government The People’s Agenda can be found at: http://thegrassrootscollaborative.org/sites/default/files/ThePeoplesAgenda.pdf Springfield, IL – On Tuesday, February 16, grassroots leaders joined with legislators to release the People’s Agenda, a new report laying out a plan […]