IN THE NEWS

Illinois Dems Target Carried Interest Loophole

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Legislation addressing the so-called “carried interest loophole” is gaining momentum in Illinois after the release of data finding the measure would generate $473 million for the cash-starved state. Grassroots Collaborative, a coalition of labor unions and human service organizations, April 19 touted passage of a new privilege tax on private equity firms, hedge funds and […]

As Obama exits scene, Chicago legacy debated

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But community organizer Amisha Patel said Obama too often tried to walk a fine line on such issues. “I think the president was afraid to be clear on an urban agenda. I don’t think he thought he had room to move on that, and so you get a really hands-off approach, these half-solutions,” Patel said. […]

Rahm Avoids Criticizing ‘Absentee Fathers’ In Anti-Violence Speech

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CITY HALL — Mayor Rahm Emanuel had been expected to talk about the role of parenting in preventing violence in his big speech Thursday, but aldermen and activists cautioned him about the “myth” of the absentee African-American father. In the end, Emanuel seemed to sidestep the issue in his speech on Thursday, and mentioned the word “parenting” […]

Community Leaders Tackle Downward Spiral of Gun Violence in Chicago

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A staged funeral procession to Mount Sinai Hospital was one of several discussions that took place Tuesday to address the growing problem of gun violence in Chicago. “I lost a brother, sister, an uncle and two cousins to gun violence right here in this neighborhood,” said Rev. Robin Hood, Illinois Anti-Foreclosure Alliance There is no […]

Illinois faces further credit dings and interest rate swap crisis

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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

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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 […]

PRESS RELEASES

IL Senate Passes Hedge Fund Tax to Close Loophole

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Illinois Department of Revenue Estimates SB 1719 Would Raise $1.7 Billion for State in First 12 Months Chicago, IL – On Tuesday, May 23rd, the Illinois Senate voted 34-24-1 in favor of passing SB 1719. The legislation places a privilege tax on Hedge Fund and Private Equity Managers like Bruce Rauner and Ken Griffin who […]

Rauner Donors Get Visit From Upset Residents on Tax Evasion Trolley Tour

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Community Groups Demand Hedge Fund Managers Profiting From Carried Interest Loophole Pay Fair Share to Help Solve State Budget Crisis   Chicago, IL – On Thursday, community residents being impacted by the school funding crisis and state budget impasse took part in a Tax Evasion Trolley Tour to the homes of Hedge Fund political donors […]

Village of Robbins Calls on Governor Rauner to Put People Before Wall Street Banks

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Robbins Unanimously Passes Resolution against Predatory Bank Deals Draining State and Local Budgets, asks for Attorney General to Take Action Robbins, IL – On the eve of Governor Rauner’s budget address the Village of Robbins Board of Trustees passed a resolution targeting Wall Street banks that have drained hundred of millions of dollars from taxpayers […]

As Violence Soars, Governor Continues to Pursue Personal Political Agenda Over Needs of Residents

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Grassroots Collaborative Statement on Governor Rauner’s 2017 State of the State Address Chicago, IL – On Wednesday, Governor Rauner delivered his third state of the state address without having successfully passed a budget. The following is a statement from Amisha Patel, Executive Director of Grassroots Collaborative. “Today, Governor Rauner attempted to borrow from the Trump […]

Grassroots Collaborative Statement on Mayor Emanuel’s FY17 Budget Address

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Chicago, IL – On Tuesday, community leaders and residents listened as Mayor Emanuel delivered his FY17 budget address. Although Emanuel agreed to release some of the city’s surplus TIF funds under mounting pressure from parents, teachers, community organizations, groups expressed disappointment that Emanuel again failed to ask Chicago’s most wealthy individuals and corporations to contribute […]

Gov. Rauner’s announced agreement on swap payouts to Wall Street banks lack details

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  October 4, 2016 Contacts: nathan@grassrootscollaborative.org Gov. Rauner’s announced agreement on swap payouts to Wall Street banks lack details Coalition of educators and human service providers skeptical, demand disclosure of agreement terms SPRINGFIELD, IL – This morning, Gov. Rauner reacted to Illinois educators and human service providers who had gathered for a press conference to […]

Legislators and Community Leaders Meet With SEC

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CHICAGO, IL – On Friday, State Representative Andrade, Chicago Alderman Ramirez-Rosa, and community leaders met with Federal Securities and Exchange Commission Regional Director David A.Glockner, and asked that the SEC investigate predatory interest rate swap deals that have caused taxpayers to pay out billions of dollars to Wall Street banks.   “Right now we have […]

Over 88,000 Petitioners Demand SEC Action on Toxic Swap Deals

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On Thursday, Grassroots Collaborative joined with organizations across the country including Americans for Financial Reform, CREDO Action, Rootstrikers and the Center for Popular Democracy to deliver a petition in which more than 80,000 Americans asked the Securities and Exchange Commission (SEC) to investigate the toxic swap deals squeezing cities and states across the country. The […]

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

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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 […]

Failure to Pass Fair Tax Amendment Will Take High Human Toll in Illinois

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Springfield, IL – Today 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 […]