A strongly worded letter from the state treasurer so far hasn’t impacted state budget talks.
Mike Frerichs sent the Rauner administration a letter earlier this month warning his office can’t pay brokerage firms, banks and credit unions that handle the state’s investments.
“They’ve been willing to continue to work with us without being paid,” Frerichs says. “But we have heard rumblings that they may not want to do that indefinitely.”
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So far he’s not heard a direct response to his concerns.
Frerichs says the treasurer’s office doesn’t provide domestic violence, child care, mental health or other critical services like other affected areas – but he invests money that garners returns, he estimates 28 dollars for every one dollar spent.
Frerichs says he has no authority to pay anyone except his office staff.