CHICAGO (WLS) — Chicago’s city treasurer is boycotting the U.S. Treasury Department.
Melissa Conyears-Ervin says her office will no longer invest the city’s money in U.S. Treasury Bonds.
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She’s protesting what she calls the “authoritarian regime” of President Donald Trump.
But some Chicago aldermen say the city’s money shouldn’t be used for political purposes.
Chicago’s city treasurer says her decision to disinvest in the U.S. Treasury will have no impact on the city’s rate of return. Many City Council members doubt that since U.S. Treasury Bonds are considered a very safe bet.
Conyears-Ervin has been the Chicago city treasurer for the past six years. When it comes to investing the taxpayers’ money, she says she has the experience to get the job right.
“I have managed over $9 billion of taxpayers’ money for the past six years. We know what we’re doing. We can invest money in our sleep,” Conyears-Ervin said.
That’s why Conyears-Ervin says she was surprised when City Council members on Wednesday questioned and criticized her for a decision she made to divest in U.S. Treasury Bonds.
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“The residents for the city of Chicago will not feel an effect from our divestment of U.S. Treasuries to send the message to Donald Trump that we will not bankroll his authoritarian regime,” Conyears-Ervin said.
As Conyears-Ervin made the decision to divest in U.S. Treasuries, she is one of 13 candidates running for Congress in the 7th District to replace retiring Congressman Danny Davis.
“I think it was a political stunt; I think it was unfortunate and irresponsible for her to come and say that,” 32nd Ward Ald. Scott Waguespack said.
Conyears-Ervin denies the decision was a stunt. She says she has made divestment decisions before when she was not a candidate. Regardless, others say making city financial decisions as an attack on Trump is a political decision.
“I think it’s important for her to separate her role as a politician and her political views from her role as a city treasurer. She’s a top financial officer for the city, and it’s her responsibility to protect our assets, to make sure that we get the best return for our money,” ABC7 Chicago political analyst Laura Washington said.
But, alders with real world financial experience say the city is not getting the best return. Not only are U.S. Treasuries considered the most solid, safe and liquid investments, but they are higher than the rate of return under Conyear-Ervin’s tenure.
“She returned to the taxpayers $400 million out of a $11 billion portfolio, which is a 3.6% return,” 34th Ward Ald. Bill Conway said.
Alders, even some of the most progressive, are concerned about what investments will replace U.S. Treasury Bonds. Conyears-Ervin says there are other secure instruments her office has to provide a safe, liquid and competitive rate of return.
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